InstructionsGeneral Journal1. 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 AccountsAccounts Receivable$71,000General Journal InstructionsCHART OF ACCOUNTSAllowance for Doubtful Accounts1,200(credit)Shelton CorporationPAGE 1During 2019, sales on credit amounted to $568,000, $553,600 was collected on outstanding receivables and $2,600 of receivables were writtenGeneral Ledgeroff as uncollectible. On December 31, 2019, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance.GENERAL JOURNALASSETSREVENUEDATEACCOUNT TITLEPOST. REF.DEBITCREDITRequired:111 Cash411 Sales Revenue1.1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense for 2019.121 Accounts Receivable22. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet.122 Allowance for DoubtfulEXPENSES3. Compute Shelton's receivables turnover.Accounts500 Cost of Goods Sold4. If Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?141 Inventory511 Insurance Expense152 Prepaid Insurance512 Utilities ExpenseIFRSBalance SheetAnalysis(X)181 Equipment521 Salaries Expense198 Accumulated Depreciation532 Bad Debt ExpenseBalance Sheet Instrcution4. If Sheldon uses IFRS, what might be the heading for the accounts540 Interest Expense3. Compute Shelton's receivables turnover.receivable section in Requirement 2?LIABILITIES541 Depreciation ExpenseCheck all that apply.211 Accounts Payable559 MiscellaneousSHELTON'S CORPORATIONAdditional Instruction231 Salaries PayableExpensesPartial Balance SheetShelton's receivable turnover isO Available-for-Sale Securities250 Unearned Revenue910 Income Tax ExpenseDecember 31, 2019261 Income Taxes PayableO Loans and ReceivablesAccounts Receivable2 Allowance for Doubtful AccountsO Accounts ReceivableEQUITY311 Common Stock3 Net Accounts ReceivableO Customer Accounts331 Retained Earnings

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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 koumal instructions CHART OF ACсоUNTS Allowance for Doubtlul Accounts 1,200 (credit) Shelton Corporation PAGE 1 During 2019, sales on credit amounted to $568.000, S553,600 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 RE DEBIT CREDIT Required: 111 Cash 411 Sales Revenue 1. Prepare the joumal entry necessary to record Shelton's estimate of bad debt expense for 2019. 121 Accounts Receivable 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet. 122 Allowance for Doubtul EXPENSES 3. Compute Shelton's receivables tumover. 4. Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 27 Accounts 500 Cost of Goods Sold 141 Inventory 511 Insurance Expense 152 Prepaid Insurance 512 Uities Expense IFRS Balance Sheet Analysis 181 Equipment 521 Salaries Expense 198 Accumulated Depreciation 532 Bad Debt Expense 4. Sheldon uses IFRS, what might be the heading for the accounts Ralance Sheet Instroution 540 Interest Expense 3. Compute Sheiton's receivables tumover. receivable section in Requirement 27 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 tumover is O Available lor-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 Doubeful Accounts O Accounts Receivable EQUITY 311 Common Stock 5 Net Accounts Receivable O Customer Accounts 331 Retained Eamings