The following information is extracted from Shelton Corporation's accounting records at the beginning of 2019: Accounts Receivable $67,000 Allowance for Doubtful Accounts 1.300 (credit) During 2019, sales on credit amounted to $582,000, $552.800 was collected on outstanding receivables and $2,000 of receivables were written off as uncollectible. On December 31, 2019, 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 tumover General Ledger ASSETS 111 Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 141 Inventory 152 Prepaid Insurance REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 181 Equipment 198 Accumulated Depreciation 521 Salaries Expense LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings 1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense on December 31. General Journal Instructions How does grading work? GENERAL JOURNAL POST. REF. DEBIT 3,744.00 DATE ACCOUNT TITLE 1 Dec. 31 Bad Debt Expense 2 Allowance for Doubtful Accounts PAGE 1 Score: 21/25 CREDIT 3,744.00 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet. Balance Sheet Instrcution 1 Accounts Receivable 2 Allowance for Doubtful Accounts 3 Net Accounts Receivable SHELTON'S CORPORATION Score: 7/11 Partial Balance Sheet December 31, 2019 $93,600.00 3,744.00 $89,856.00 3. Compute Shelton's receivables turnover. Additional Instruction Shelton's receivable turnover is 12.1 X. Points: 0/1 Feedback Check My Work Receivables Turnover = Net Credit Sales / Average Net Accounts Receivable