Instructions The following information is extracted from Shelton Corporation's accounting records at the beginning of 2019: Accounts Receivable $71,000 Allowance for Doubtful Accounts 1,200 (credit) During 2019, sales on credit amounted to $568,000, $553,600 was collected on outstanding receivables and $2,600 of receivables were written off as uncollectible. On December 31, 2018, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance Required: 1. Prepare the journal entry necessary to record Shelton'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. If Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2? instructions Chart of Accounts General Journal Balance Sheet Analysis IFRS structions General Journal 1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense on December 31 General Journal Instructions 11 PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT stimating Bad Debts from Receivables Balances Instructions Chart of Accounts General Journal Balance Sheet Analysis IFRS Balance Sheet x 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet Balance Sheet Instrcution SHELTON'S CORPORATION Partial Balance Sheet December 31, 2019 1 Accounts Receivable Allowance for Doubtful Accounts 3 Net Accounts Receivable Analysis 3. Compute Shelton's receivables turnover. Additional Instruction Shelton's receivable turnover is