E$6-10$ Estimating Bad Debts from Receivables Balances The following information is extracted from Shel$-$

LO $6\mathrm{.}5$ ton Corporation's accounting records on January $1$:

Accounts Receivable $$63,000$

Allowance for Doubiful Accounts $1,400(credit)$

During the year, sales on credit amounted to $$575,000,$$$557,400$ was collected on outstanding receiv$-$

ables and $$2,600$ of receivables were written off as uncollectible. On December $31,$ Shelton estimates its

bad debts to be $4\%$ of the outstanding gross accounts receivable balance.

Required:

Prepare the journal entry necessary to record Shelton's estimate of bad debt expense on December $31.$

Prepare the Accounts Receivable section of Shelton's December $31,$ balance sheet.

Compute Shelton's receivables turnover. $($Round to one decimal place.$)$