E$6-9$ Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton

$106\mathrm{.}5$ Corporation's accounting records at the beginning of $2019$:

Accounts Receivable $$63,000$

Allowance for Doubiful Accounts $1,400($credil$)$

During $2019,$ sales on credit amounted to $$575,000,$$$557,400$ was collected on outstanding receivables and $$2,600$ of receivables were written off as uncollectible. On December $31,2019,$ Shelton estimates its bad debts to be $4\%$ of the outstanding gross accounts reccivable balance.

Required:

Prepare the journal entry necessary to record Shelton's estimate of bad debt expense for $2019.$

Prepare the Accounts Receivable section of Shelton's December $31,2019,$ balance sheet.

Compute Shelton's receivables turnover. $($Round to one decimal place.$)$

If Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement $2?$