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1.Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method. 2.Loaned an officer of the company $20,000 and received a
1.Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method.
2.Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2025.
3.Record the accrued interest revenue on the discounted note.
4.Record the cash received on the discounted note.
5.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.
6.The Blankenship Company paid its account in full.
7.Sold stock with a book value of $5,000 and accepted a $6,000 noninterest-bearing note with a discount rate of 8% due on February 28, 2025.
8.To record the accrual of interest earned on note receivable.
9.To record the accrual of bad debt expense.
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