Journal entry worksheet 1) 2 3 4 5 9 Sold stock with a book value of $5,000 and accepted a $6,000 noninterestbearing note with a discount rate of 8% due on February 28, 2025. Note: Enter debits before credits. Tnirnal entry workcheet Ivule: riller uevils velure crealls. Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024: March 17 Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method. March 30 Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30,2025. May 30 Discounted the $20,000 note at a local bank. The bank's discount rate is 8%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $12,000. 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. August 31 Sold stock in a nonpublic company with a book value of $5,000 and accepted a $6,000 noninterest-bearing note with a discount rate of 8%. The $6,000 payment is due on February 28,2025 . The stock has no ready market value. December 31 Weldon estimates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 2% of the gross accounts receivable balance of $700,000. The allowance had a balance of $12,000 at the start of 2024 . Required: 1 \& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. Note: 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. Journal entry worksheet 12 3 4 5 6 7 To record the accrual of interest earned on note receivable. Note: Enter debits before credits. Journal entry worksheet 1 2 3 4 5 6 The Blankenship Company paid its account in full. Note: Enter debits before credits