Instructions & The following information is extracted from Shelton Corporation's accounting records at the beginning of 2016 $78,000 Accounts Receivable Allowance for Doubtful Accounts 1,300 (credt) During 2016, sales on credit amounted to $588,000 $350,400 was collected on outstanding receivables and 53 200 of receivables were written off as uncollectible On December 31, 2016, Sheton estimates its bad debts to be 4% of the outstanding grous accounts receivabite balance Required: 1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense for 2018, 2. Propare the Accounts Receivable section of Shatons December 31, 2016. balance sheet 3. Compute Shelton's receivables tumover (Round to one doimal place 4. Sheldon uses IFRS, what might be the headincitor the accounts receivable section in Requirement