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During 2016, sales on credit amounted to 582,000 , 552,800 was collected on outstanding receivables...

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Accounting

During 2016, sales on credit amounted to 582,000 , 552,800 was collected on outstanding receivables and 2600 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. image
nstructionsChart of Accounts General Journal Balance Sheet Analysis IFR:S Instructions The tolowing information is exdracted from Sheton Corporation's accounting records at the beginning of 2016 Accounts Receivable $67,000 Allowance for Doubtful Accounts 1,300 (credit) During 2016, sales on credit amounted to $582,000, S552,800 was collected on outstanding receivables and $2,600 of receivables were writte Required: 1. Prepare the journal entry necessary to record Sheton's estimate of bad debt expensefor 2016 2. Prepare the Accounts Receivable section of Sheltons December 31, 2016, balance sheet 3. Compute Sheltons 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? Balance Sheet Shaded cells have feedback Prepare the Accounts Receivable section of Sheton's December 31, 2016, baiance sheet

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