Minnesota Furniture Mart had sales of $1,100,000 during? 20X1, including $600,000 of sales on credit. Balances on December? 31, 20X0, were Accounts? Receivable, $110,000?,and Allowance for Bad? Debts, $9,000. For? 20X1: collections on accounts receivable were $560,000. Bad debts expense was estimated at 2% of credit? sales, as in previous years.? Write-offs of bad debts during 20X1 were $10,000.

Requirement 1. Prepare journal entries concerning the preceding information for 20X1. ?(Record debits? first, then credits. Explanations are not? required.)

Requirement 2. Show the ending balances of the balance sheet? accounts, December? 31, 20X1.

Requirement 3. Based on the given? data, would you advise Eileen French, the president of the? store, that the 2% estimated bad debt rate appears? adequate? ?(Enter all amounts as positive numbers. Round the percentages to the nearest whole? number.)

(* I would really appreciate it if you could follow that exact format)

Begin by preparing the entry to record 20X1 sales Date Accounts 20X1 Prepare the entry to show the collections on account. Date Accounts 20X1 Debit Debit Credit Credit