The following information is extracted from a company's accounting records at the beginning of 2013:
Accounts Receivable $63,000
Allowance for Doubtful Accounts 1,400 (credit)
During 2013, sales on credit amounted to $575,000, $557,400 was collected on outstanding receivables and $2,600 of receivables were written off as uncollectable. On December 31, 2013 the company estimates its bad debts to be 4% of the outstanding gross accounts receivable balance.

Questions:
1. Prepare the journal entry necessary to record the company's estimate of bad debt expense for 2013
2. Prepare the Accounts Receivable section of the balance sheet
3. Compute the receivables turnover. (round to one decimal place)