Exercise 7-24 Receivables; transaction analysis [LO7-3, 7-5,7-6, 7-7, 7-8] Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2018: Mar. 17 Accounts receivable of 1,900 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $21,000 and received a note requiring principal and interest at 78 to be paid on March 30, 2019 recourse and the sale criteria are met method to account for cash discounts May 30 Discounted the $21,000 note at a local bank. The bank's discount rate is 88. The note was discounted without June 30 Sold merchandise to the Blankenship Company for $14,000. Terms of the sale are 2/10, n/30 Weldon uses the gross July 8 The Blankenship Company paid its account in full. Aug. 31 Sold stock in a nonpublic company with a book value of $5,200 and accepted a $6,300 noninterest-bearing note with a discount rate of 8%. The $6,300 payment is due on February 28, 2019. The stock has no ready market value. Dec. 31 Bad debt expense is estimated to be 2% of credit sales for the year. Credit sales for 2018 were $720,000. Required: 1& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)