The following information is extracted from Shelton Corporations accounting records at the beginning of 2016:

Accounts Receivable $72,000

Allowance for Doubtful Accounts 1,200 (credit)

During 2016, sales on credit amounted to $573,000, $554,000 was collected on outstanding receivables and $2,900 of receivables were written off as uncollectible. On December 31, 2016, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance.

Required: 1. Prepare the journal entry necessary to record Sheltons estimate of bad debt expense for 2016.

2. Prepare the Accounts Receivable section of Sheltons December 31, 2016, balance sheet.

3. Compute Sheltons receivables turnover. (Round to one decimal place.)

4. If Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?