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Plese number the all the answers properly. Also try expaling your answer. Thanx Weldon Corporation's fiscal year ends December 31. The following is a list
Plese number the all the answers properly. Also try expaling your answer. Thanx
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2018: Mar. 17 Accounts receivable of $2,000 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $24,000 and received a note requiring principal and May 30 Discounted the $24,000 note at a local bank. The bank's discount rate is 9%. The note was une 30 Sold merchandise to the Blankenship Company for $15,000. Terms of the sale are 4/10, n/3e. July 8 The Blankenship Company paid its account in full interest at 8% to be paid on March 30, 2019 discounted without recourse and the sale criteria are met Weldon uses the gross method to account for cash discounts. Aug. 31 Sold stock in a nonpublic company with a book value of $5,300 and accepted a $6,400 noninterest-bearing note with a discount rate of 9%. The $6,400 payment is due on February 28, 2019. The stock has no ready market value Dec. 31 Bad debt expense is estimated to be 3% of credit sales for the year. Credit sales for 2018 were $730,000. Required: 1& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. (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.)Step by Step Solution
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