March $17$ Accounts receivable of $$3,600$ were written off as uncollectible. The company uses the allowance method.

March $30$ Loaned an officer of the company $$42,000$ and received a note requiring principal and interest at $5\%$ to be paid on March

$30,2025.$

May $30$ Discounted the $$42,000$ note at a local bank. The bank's discount rate is $6\%.$ The note was discounted without recourse

and the sale criteria are met.

June $30$ Sold merchandise to the Blankenship Company for $$31,000.$ Terms of the sale are $\frac{2}{10},$ 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 $$6,900$ and accepted a $$7,900$ noninterest$-$bearing note with a

discount rate of $6\%.$ The $$7,900$ 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 $3\%$ of

the gross accounts receivable balance of $$980,000.$ The allowance had a balance of $$31,000$ 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.

$4$ Record the cash received on the discounted note.

$5$ Sold merchandise to the Blankenship Company for

$$31,000.$ Terms of the sale are $\frac{2}{10},\frac{n}{30}.$ Weldon uses

the gross method to account for cash discounts.

$6$ The Blankenship Company paid its account in full.

$7$ Sold stock with a book value of $$6,900$ and accepted a

$$7,900$ noninterest$-$bearing note with a discount rate of

$6\%$ due on February $28,2025.$

$8$ To record the accrual of interest earned on note

receivable.

$9$ To record the accrual of bad debt expense.

Note : $=$ journal entry has been entered