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Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021 Mar. 17 Accounts receivable of $1,700 were written oft as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7 to be paid on March 30, 2022. May 30 Discounted the $20,000 note at a local bank. The bank's discount rate 1 81. The note vas discounted without June 30 sold merchandise to the Blankenship company for $12,000. Terms of the sale are 2/10, 1/30. Weldon uses the gross method to account for cash discounts. July 8 The Blankenship Company paid its account in full. Aug. 31 Sold stock in a nonpublic company with a book value of $5,000 and accepted a $6,000 noninterest-bearing note with a discount rate of 81. The $6,000 payment is due on February 28, 2022. The stock has no ready market value. Dec. 31 Weldon estimates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 21 of the gross accounts receivable balance of $700,000. The allowance had a balance of $12,000 at the start of 2021. Required: 1& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole dollar) View transaction list View transaction list Journal entry worksheet Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method. Note: Enter debits before credits Date March 17, 2021 General Journal Debit Credit Journal entry worksheet 3 5 6 7 8 9 > Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2022. Note: Enter debits before credits Date March 30, 2021 General Journal Debit Credit Record entry Clear entry View View transaction list Journal entry worksheet Record the accrued interest revenue on the discounted note. Note: Enter debits before credits. General Journal Debit Credit Date May 30, 2021 Record entry Clearance Journal entry worksheet Record the cash received on the discounted note. Note: Enter debits before credits General Journal Debit Credit Date May 30, 2021 Decandan Journal entry worksheet Sold merchandise to the Blankenship Company for $12,000. Terms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts. Note: Enter debits before credits. General Journal Date June 30, 2021 Debit Credit Record entry Clear entry View general Journal Journal entry worksheet The Blankenship Company paid its account in full. Note: Enter debits before credits. General Journal Date July 08, 2021 Debit Credit Record entry Clear entry View annerlloumal View transaction list Journal entry worksheet To record the accrual of bad debt expense. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2021 Record entry CL
