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answers says not complete not sure what im doing wrong. Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving
answers says not complete not sure what im doing wrong.
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024 Mareb 17 Mccounte receivable of. $2,800 were written off as uncollectible. The conpany usell the allowance rethod. March 30 Loaned an officer of the conpany $33,000 and recelved a note requiring principol and interest at e1 to be paid on Mareh 30,2025 . May 30 Discounted the $33,000 - note at a local bank. The bank de dincount rate in 9t. The aote vas discounted vithout recourde and the male eriteria are net. June 30 sold serchandise to the slankenahip Company for $23,000. Terma of the nale are 3/10, n/30. Weldon uses the gress nethod to account for eash discounts. July 8 Tbe alankendip Company paid its account in full. Auguat 31 sold stoek in a nonpoblif conpany with a book value of $6,100 and accepted a $7,600 nonintereat-bearing note with a discount rate of 91 . The $7,600 payment is due on February 28 , 2025 . The 6 toek has no ready market yalue. December 31 Weldon eatimates that the allowance for uncollectible accoants should have a balance in it at year-end equal to 31 of the gross account receivable balance of $900,000, the allovance had a balance of $23,000 at the start of 2024 . Required: 18. 2. Prepare journal entries for each of the above transactions and additional year-end odjusting entries indicated. Note: 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. Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024 Mareb 17 Mccounte receivable of. $2,800 were written off as uncollectible. The conpany usell the allowance rethod. March 30 Loaned an officer of the conpany $33,000 and recelved a note requiring principol and interest at e1 to be paid on Mareh 30,2025 . May 30 Discounted the $33,000 - note at a local bank. The bank de dincount rate in 9t. The aote vas discounted vithout recourde and the male eriteria are net. June 30 sold serchandise to the slankenahip Company for $23,000. Terma of the nale are 3/10, n/30. Weldon uses the gress nethod to account for eash discounts. July 8 Tbe alankendip Company paid its account in full. Auguat 31 sold stoek in a nonpoblif conpany with a book value of $6,100 and accepted a $7,600 nonintereat-bearing note with a discount rate of 91 . The $7,600 payment is due on February 28 , 2025 . The 6 toek has no ready market yalue. December 31 Weldon eatimates that the allowance for uncollectible accoants should have a balance in it at year-end equal to 31 of the gross account receivable balance of $900,000, the allovance had a balance of $23,000 at the start of 2024 . Required: 18. 2. Prepare journal entries for each of the above transactions and additional year-end odjusting entries indicated. Note: 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 Step by Step Solution
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