$23$

Weldon Corporation's fiscal year ends December $31.$ The following is a list of transactions involving recelvables that occurred during $2024$ :

$3\mathrm{.}5$

points

March $17$ Accounts receivable of $$1,800$ were written off as uncollectible. The company uses the allowance method,

March $30$ Loaned an officer of the company $$21,000$ and received a note requiring principal and interest at $8\%$ to be paid on March $30,2025.$

May $30$ Discounted the $$21,000$ note at a local bank. The bank's discount rate is $9\%.$ The note was discounted without recourse and the sale criteria are met.

June $30$ Sold merchandise to the Blankenship company for $$13,000.$ Terms of the sale are $\frac{3}{10},\frac{n}{30}.$ Weldon uses the gross method to account for cash discounts.

July $8$ The Blankenship Company paid its account in full.

August $31$ sold stock in a nonpublic company with a book value of $$5,100$ and accepted a $$6,200$ noninterest$-$bearing note with a discount rate of $9\%.$ The $$6,200$ payment is due on February $28,2025.$ The stock has no ready market value.

December $31$ weldon estimates that the allowance for uncollectible accounts should have a balance in it at year$-$end equal to $2\%$ of the gross accounts receivable balance of $$800,000.$ The allowance had a balance of $$13,000$ at the start of $2024.$

Required:

$1$ & $2.$ Prepare journal entrles for each of the above transactions and additional year$-$end adjusting entrles indicated.

Note: If no entry Is required for a transaction$/$event$,$ select $"$No journal entry required" In the first account fleld. Do not round Intermedlate calculatlons and round your final answers to nearest whole dollar.

Answer is not complete.

$\backslash$table$[[$No$,$Date,General Journ,,Debit,Credit$],[1,$March $17,2024,$Allowance for uncollectible accounts,var$\backslash$theta $,1,800,],[,$Accounts receivable,Q$,,1,800],[2,$March $30,2024,$Notes receivable,$0,21,000,],[,$Cash,Q$,,21,000],[3,$May $30,2024,$Interest receivable,O$,1,260\backslash$times $,],[,$Interest revenue,Q$,1,260\backslash$times $,],[4,$May $30,2024,$Cash,$0,12,610\backslash$times $,],[,$Sales discounts,x$,,],[,$Interest receivable,Q$,1,260,],[,$Notes receivable,O$,,],[,,,,,]]$