Chapter 7 Homework -20 Saved 4 Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: 5 points Mar. 17 Accounts receivable of $2,700 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $30,000 and received a note requiring principal and interest at 68 to be paid on March 30, 2022. May 30 Discounted the $30,000 note at a local bank. The bank's discount rate is 74. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $22,000. Terms of the sale are 2/10, n/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 $6,000 and accepted a $7,800 noninterest-bearing note with a discount rate of 7%. The $7,800 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 3% of the gross accounts receivable balance of $890,000. The allowance had a balance of $22,000 at the start of 2021. eBook Print ur References 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 Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Accounts receivable of $2,700 were written off as uncollectible. The company uses the allowance method. Note: Enter debits before credits. Date General Journal Debit Credit March 17, 2021 Record entry Clear entry View general journal