The following information is extracted trom Shelton Corporation's accounting records at the beginning of 2016: During 2016, sales on credit amounted to $575,000,$557,400 was collected on outstanding recelvables and $2,600 of receivables were writien off as uncellectile. On December 31, 2016, Shethon estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. Aequired: 1. Prepare the joumal entry necessary to record Shohon's estimate of bad dobt expense for 2016. 2. Prepare the Accounts flooeviable section of Shelton's December 31, 2016 , balance sheot. 3. Compite Sheiton's receivabies tumover. (Round to one decimal place.) 4. If Sheldon uses IFAS, what might be the heading for the accounts recelvable section in flequirement ?? Prepare the foumal entry necessary to record Shothon 's estimate of bad dobt exponse on Decernber 31. Propare the Acopunts Racokable section of Shwohon's December 31, 2016, balance sheot. Analysis Compute Shelton z recevables rumover. (Pound to one decimal pace.) Shetton's recoivabie turnover is II Sholdon uses IFRS, what might be the heading for the accounts rocokvable section in Roquirement 27 Chock all that anply: Avalable-for-Sale Securities Customer Accounts Acoounts Receivable Loant and Aecelvables