The following information is extracted from Shelton Corporations 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 Sheltons estimate of bad debt expense on December 31.
2.	Prepare the Accounts Receivable section of Sheltons December 31, balance sheet.
3.	Compute Sheltons receivables turnover.