Account Receivable 64,000 Allowance for Doubtful Account 1400 CR During 2013, sales on credit amounted to $584,000, $555,000 was collected on outstanding receivables and $2,500 of receivables were written off as uncollectible. On December 31, 2013, Shelton estimates its bad debts to be 2% of the outstanding gross accounts receivable balance 1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense for 2013. 2. Prepare the Accounts Receivable section of Shelton's December 31, 2013 balance sheet. 3. Compute Shelton's receivables turnover. If required, round your answer to one decimal place. 4. If Shelton Company uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?