The following information is extracted from Shelton Corporation's accounting records at the beginning of 2016 : 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 Shelton's estimate of bad debt expense for 2016. 2. Prepare the Accounts Receivable section of Shelton's December 31,2016 , balance sheet. 3. Compute Shelton's 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? Chart of Accounts Prepare the Accounts Receivable section of Shelton's December 31,2016 , balance sheet. Compute Shelton's receivables turnover. (Round to one decimal place.) Shelton's receivable turnover is IFRS If Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2? Check all that apply. Loans and Receivables Accounts Receivable Customer Accounts Available-for-Sale Securities