Exercise 7-24 Recelvables; 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 2016: Mar. 17 Accounts receivable of $2,500 were wrtten off as uncolectible. The company uses the allowance method Loaned an officer of the company $30,000 and received a note requiring principal and interest at 8% to be paid on March 30, 2017 Discounted the S30.000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. 30 May 30 June Sold merchandise to the Blankenship Company for $20,00D. Terms of the sale are 210, n/30. 30 July 8 Weldon uses the gross method to account for cash discounts. The Blankenship Company paid its account in full. Aug. 31 Sold stock in a nonpublic company with a book value of $5,800 and accepted a S6,800 non interest-bearing note with a discount rate of g%. The S6,800 payment is due on February 28, 2017. 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 2016 were $780,000. Required: 1. Prepare journal entries for each of the above transactions. (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.) iew transaction list 1Accounts receivable of $2,500 were written off as uncollectible. The company uses the allowance method. mpany 2 Loaned an officer of the company $30,000 and received a note requinng principal and interest at 8% to be paid on March 30, 2017 3 Record the accrued interest revenue on the discounted note. Credit 4 Record the cash received on the discounted note. s Sold merchandise to the Blankenship Company for $20,000. Terms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts. Note:- journal entry has been entered Record entry Clear entry View general journal