Exercise 7-28 (Algo) Receivables; transaction analysis (L07-3, 7-5, 7-6, 7-7, 7-8) 2022. Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021 Mar. 17 Accounts receivable of $2,78e 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 6% to be paid on March 30, May 3e Discounted the $30,8ee note at a local bank. The bank's discount rate is 1%. The note was discounted without recourse and the sale criteria are met. June 3e sold merchandise to the Blankenship company for $22,cee. Terns of the sale are 2/10, 1/30. Weldon uses the gross method to account for cash discounts. July & The Blankenship Company paid its account in full. Aug. 31 sold stock in a nonpublic company with a book value of $6,888 and accepted a 57,888 noninterest-bearing note with a discount rate of 7%. The $7,see 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 $22,8ee at the start of 2021. 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 fleld. Do not round Intermediate calculations and round your final answers to nearest whole dollar.) View transaction list View journal entry worksheet No Debit Credit 1 Date General Journal March 17, 2021 Allowance for uncollectible accounts Accounts receivable 2,700 2.700 2 March 30, 2021 30,000 Notes receivable Cash 30.000 3 May 30, 2021 Interest receivable 350 Interest revenue 350 4 May 30, 2021 Cash Loss on sale of notes receivable 5 June 30, 2021 Accounts receivable Sales revenue 6 July 08, 2021 Cash Sales discounts Accounts receivable 7 August 31, 2021 Notes receivable Discount on notes receivable 8 December 31 2021 Interest receivable Interest revenue 9 December 31 2021 Bad debt expense Allowance for uncollectible accounts