HELP PLEASE ASAP
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 $3,500 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $33,000 and received a note requiring principal and interest at 8t to be paid on March 30, 2022. May 30 Discounted the $33,000 note at a local bank. The bank's discount rate is 94. The note was discounted without recourse and the sale criteria are met. June 30 sold merchandise to the blankenship Company for $30,000. Terms of the sale are 3/10, 1/30. Weldon unen the gross method to account for cash discounts. July 3 The Blankenship Company paid its account in full. Aug. Ji Sold stock in a nonpublic company with a book value of $6,800 and accepted a $7,800 noninterest-bearing note with a discount rate of 94. The $7,800 payment is due on February 28, 2022. The stock has no ready market valu. Dec. 31 Weldon estimates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 31 of the gross accounts receivable balance of $970,000. The allowance had a balance of $30,000 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 field. Do not round intermediate calculations and round your final answers to nearest whole dollar) View transaction list Journal entry worksheet Sold stock with a book value of $6,800 and accepted a $7,800 noninterest- bearing note with a discount rate of 9% due on February 28, 2022. Note: Enter debits before credits. General Journal Debit Credit Date August 31, 2021 7.800 Notes receivable Discount on notes receivable Investments Gain on sale of investments 6,800 102 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 5 5 6 7 OD 9 To record the accrual of bad debt expense. Note: Enter debits before credits. Debit Credit Date General Journal December 31, 2021 Bad debt expense Allowance for uncollectible accounts 29,100 29.100 Record entry Clear entry View general Journal