Instructions General Journal 1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense on December 31. The following information is extracted from Shelton Corporation's...

Extracted text: Instructions General Journal 1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense on December 31. The following information is extracted from Shelton Corporation's accounting records at the beginning of 2019: Chart of Accounts Accounts Receivable $71,000 General Journal Instructions CHART OF ACCOUNTS Allowance for Doubtful Accounts 1,200 (credit) Shelton Corporation PAGE 1 During 2019, sales on credit amounted to $568,000, $553,600 was collected on outstanding receivables and $2,600 of receivables were written General Ledger off as uncollectible. On December 31, 2019, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. GENERAL JOURNAL ASSETS REVENUE DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Required: 111 Cash 411 Sales Revenue 1. 1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense for 2019. 121 Accounts Receivable 2 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet. 122 Allowance for Doubtful EXPENSES 3. Compute Shelton's receivables turnover. Accounts 500 Cost of Goods Sold 4. If Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2? 141 Inventory 511 Insurance Expense 152 Prepaid Insurance 512 Utilities Expense IFRS Balance Sheet Analysis (X) 181 Equipment 521 Salaries Expense 198 Accumulated Depreciation 532 Bad Debt Expense Balance Sheet Instrcution 4. If Sheldon uses IFRS, what might be the heading for the accounts 540 Interest Expense 3. Compute Shelton's receivables turnover. receivable section in Requirement 2? LIABILITIES 541 Depreciation Expense Check all that apply. 211 Accounts Payable 559 Miscellaneous SHELTON'S CORPORATION Additional Instruction 231 Salaries Payable Expenses Partial Balance Sheet Shelton's receivable turnover is O Available-for-Sale Securities 250 Unearned Revenue 910 Income Tax Expense December 31, 2019 261 Income Taxes Payable O Loans and Receivables Accounts Receivable 2 Allowance for Doubtful Accounts O Accounts Receivable EQUITY 311 Common Stock 3 Net Accounts Receivable O Customer Accounts 331 Retained Earnings