Balance Sheet Shaded cells have feedback. Instructions The following information is extracted from Shelton Corporation's accounting records at the beginning of 2019: Accounts Receivable Alowance for Doubtful Accounts $63,000 1,400 (credit) During 2019, sales on credit amounted to $575,000, $557,400 was collected on Outstanding receivables and $2,600 of recolvables were written off as uncollectible. On December 31, 2019. Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. Required: 1. Prepare the journal entry necessary to record Shion's estimate of bad debt expense for 2019, 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet 3. Compute Shelton's receivables turnover 4. Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement Balance Sheet Shaded cells have feedback. DOCOMO CUTTU 1 Accounts Receivable $15,000.00 2 Allowance for Doubtful Accounts (2,600.00) 3 Net Accounts Receivable $17,600.00 Points: 073 Feedback Check My Work Allowance for Doubtful Accounts is offset against Accounts Receivable in the current assets section of the company's balance sheet. Instructions The following information is extracted from Shelton Corporation's accounting records at the beginning of 2019: Accounts Receivable Alowance for Doubtful Accounts $63.000 1,400 (credit) During 2019, sales on credit amounted to $575,000, $557,400 was collected on outstanding receivables and $2,600 of receivables were written off as uncollectible. On December 31, 2010, Shelton estimates its bad debts to bo 4% of the outstanding gross accounts recevable balance Required: 1. Prepare the journal entry necessary to record Shelton estimate of bad debt expense for 2019. 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet 3. Compute Shelton's receivables turnover. 4. Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 27