The following information is extracted from Shelton Corporation$$s accounting records on January $1$:

Accounts Receivable$$67,000$Allowance for Doubtful Accounts$1,300($credit$)$

During the year, sales on credit amounted to $$582,000,$ $$552,800$ was collected on outstanding receivables 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:$1.$Prepare the journal entry necessary to record Shelton$$s estimate of bad debt expense on December $31\mathrm{.}2.$Prepare the Accounts Receivable section of Shelton$$s December $31,$ balance sheet$\mathrm{.}3.$Compute Shelton$$s receivables turnover.