During 20X1. the Color Splash Department Store had credit sales of $1.100.000. The store manager expects that of the credits will never be collected, although co accounts are written of uni 10 assorted steps have been taken to attain collection The 10 prequire a minimum of 14 months. Assume that during 20x2, people comercredentified who are never speed to pay $10.000 That they we from sales of 20X1. Al 10 colection steps have been completed Requirements 1. show the impact on the balance shot equation of the preceding transaction in 20X1 and 20x2 under (a) the poolfie wie oft method, and (b) e towano method. Which mohod do you prefer 2. Prepare journal entries for both methods. Omit explanations Requirement 1, show the impact on the balance sheet equation of the preceding vansactions in 20X1d 2012 under (W) the specific wrt-off method, and the lowance method. Which method to you preten Why? Begin by nowing the impact on the balance sheet opustion under (a) a specific woteoft meriod. We a minun sign or parentheses to show a decrease in the accounting ugation component and save any unused (A) Specific Write-on Assets Liabilities + Stockholders' Equity Accounts Receivable Allowance for Uncollectible Accounts Bad Debit Expanse . Sales . 20x Sales 20xt Allowance 20x2 Wi- +