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Weldon Corporation's fiscal year ends December 31. The following is a iist of transactions involving receivables that occurred during 2024: March 17 Aocounts receivable of

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Weldon Corporation's fiscal year ends December 31. The following is a iist of transactions involving receivables that occurred during 2024: March 17 Aocounts receivable of 32,500 were written off as uncollectible. The company uses the allowance method. Harch 30 loaned an officer of the company $30 , 000 aad received a note requiring principal and interest at 83 to be paid on March 30, 2025. May 30 oiscounted the $30 , 600 note at p local bank. The bank's discount rate is 9 x . The note was discounted without recourse and the sale criteria are met. June 30 sold merchandise to the Blankenship Company for $20 , 000 . Terms of the sale are 2/10 , n/30. Weldon uses'the gross method to account for cash discounts. July a the Blankenship company paid its account in full. August 31 sold stock in a nonpubilc company with a book value of $5 , 808 and accepted a 36 , 80 e noninterest-bearing note with a discount rate of 9% . The $6 , 800 payment is due on February 28, 2025. The stock has no ready market value. Decenber 31 Weldon estieates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 3 x of the gross accounts receivable balance of $870 , 000 . The allowance had a balance of 520,000 at the start of 2024 . Required: 18 2. Prepare joumal 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. Weldon Corporation's fiscal year ends December 31. The following is a list of trarisactions involving recelvables that occurred during 2024 March 17 Accounts receivable of $2 , 500 were written off as uncollectible. The company uses the allowance method. Warch 30 Loaned sn officer of the coopany $30 , 000 and recelved a note requiring principal and interest at 8 s to be paid on March 3e, 2025 . May 3a oiscounted the 530,000 note at a local bank. The bank's discount rate is 9 x . The note was discounted without recourse and the sale criteria are net. June a0 sold merctandise to the alankenship Company for $20 , 600 . Terns of the sale are 2/10 , n /30 . Weldon uses'the grost method to account for cash discounts. Auly the Biankenship company paid its account in full. August ai Sold stock in a nonpubilic company with a book value of $5 , 800 and accepted a 36 , 86 e noninterest-bearing note whth a discount rate of 9 K . The $6 , 860 paysent is due on February 28, 2025. The stock has no ready earket value. Decenber 31 weldon estinates that the allowance for uncollectible accounts should have a balance in it at year-end equal to ax of the gross accounts receivable balance of $870 , 000 . The allowance had a balance of $20 , 000 at the start of 2024 . Required: 1 \& 2. Prepare joumal 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 fleid. Do not round intermediate calculations and round your final answers to nearest whole dollar. Weidon 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 $2 , 500 were written off as uncollectible. The conpany uses the allowance nethod. March 38 Loaned an officer of the company 530,000 and received a note requiring principal and interest at B 5 to be paid on March 3e, 2025. May so biscounted the $30 , 000 note at a local bank. The bank's discount rate is 9 k . The note was discounted without recourse and the sale criteria are met. June a0 sold serchandise to the Blankenship company for $20 , 800 . Terns 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. Augutt 31 sold stock in a nonpubilic company with a book value of $5 , 800 and accepted a $6 , 800 noninterest-bearing note with a discount rate of 9% . The 36,800 paysient is due on February 28,2025 . The stock has no ready market value. becember 31 Weldon estinates that the allowance for uncollectible accounts should have a balance in it at year-end equal. to 35 of the gross accounts receivable balance of 3870,000 . The allowance had a balance of 520,000 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 calcutations and round your final answers to nearest whole dollar. 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 52,500 were iritten off as uncollectible. The cospany uses the allowance method. Harch 39 Loaned an officer of the canpany 330,000 and received a note requiring principal and interest at 63 to be paid on March 30,2825 . May 35 biscounted the $30 , 000 note at a local bank. The bank's discount rate is 9 s . The note was discounted without recourse and the sale criteria are net. June 30 Sold merchanoise to the Blankenship Company for 520,000 . Teras of the sale are 2/10, n/30. Weldon uses'the gross method to account, for cash discounts. July a the Blankenship company paid its account in full. August 31 sold stock in a nonpubile company with a book value of $5 , 800 and accepted a $6 , 800 noninterest-bearing note with a discount rate of N .The 56,800 payment is due on February 28, 2025. The stock has no ready market. vilue. Oecenber a1 weloon estimates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 3 x of the gross accounts receivable balance of $970 , 688 . The allowance had a balance of s20, 900 at the start of 2024 . Required: 1 \& 2. Prepare journal entries for each of the above transoctions 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 calculotions and round your final answers to nearest whole dollar. 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 $2 , 500 were written off as uncollectible. The company uses the allowance method. March a0 Loaned an officer of the coepany 530,000 and received i note requiring principal and interest at ok to be paid on March 30, 2025 . May 30 biscounted the $30 , 000 note at a local bank. The bank's discount rate is 9 x . The note was discounted without recourse and the sale criteria are net. June a0 sold merchandise to the Blankenship Conpany for $20 , 000 . Terns of the sale are 2/10 , n/30. Weldon uses the gross nethod to account for cash discounts 201 y o the alankenship company paid its account in fu11. August 31 sold stock in a nonpublic company with a book value of $5 , 800 and accepted a $6 , 800 noninterest-bearing note with a discount rate of 9 Ck . The 56,800 paynent is due on Fobruary 28, 2025. The stock has no ready market valve. Decenber 31 weldon estinates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 3x of the gross accounts receivable balance of $979 , 000 . The allowance had a balance of s20, 000 at the Required: 18 2. Prepare joutnal entries for each of the above transactions and additional year-end adjusting entries indicated Note: H 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 (1) (2) (3) 4 Sold merchandise to the Blankenship Company for $20 , 000 . Terms of the sale are 2/10 , n /30 . Weldon uses the gross method to account for cash discounts. Weldon Corporation's fiscal year ends December 31 . The following is a list of transactions involving recelvables that occurred during 2024: Mareh 17 Accounts receivable of $2 , 500 were written off as uncollectible. The company uses the allowance nethod. March 30 Losned an officer of the company $36 , 000 and recelved a note requiring principal and interest at 8 x to be paid on March 30,2825 . May 30 biscounted the 330,000 note at a local bank. The bank's discount rate is 9 . The note was discounted without recourse and the sale criteria are net. June a0 Sold merchandise to the Blankenship Company for $20 , 0 ? 0 . Teras of the sale are 2/10 , n/30, Woldon uses'the gross mothod to account for cash discounts. July a the Blankenship company paid its account in ful1. August 31 sold stock in a nonpublic company with a book value of 35,800 and accepted a $6 , 800 noninterest-bearing note with a discount rate of os. The 56,800 payment is due on February 28, 2925. The stock has no ready market valut. December 31 Weidon estinates that the allowance for uncollectible accounts should have a balance in it at year-end equal to sk of the gross accounts receivable balance of $870 , 000 . The allowance had a balance of 520,600 at the start of 2624 . Required: 18 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. Weidon 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 $2 , 500 were written off as uncollectible. The company uses the allowance method. March 30 Loaned an officer of the coopany $30 , ? 0 ? and received a note requiring principal and interest at 6% to be paid on March 3e, 2025 . May 30 Discounted the $30 , 800 note at a local bank. The bank's discount rate is 9 x . The note was discounted without recourse and the sale criteria are met. June 30 sold nerchandise to the Blankenship Company for $20 , 080 . Terms of the sale are 2/10 , n/30. weldon uses'the gross pethod to account for cash discounts. July 8 the Blankenship corpany paid its account in fu11. August 31 sold stock in a nonpublic company with a book value of $5 , 800 and accepted a $6 , 800 noninterest-bearing note with a discount rate of 9% . The $6 , 800 payment is due on February 28,2025 . The stock has no ready market value. Decenber 31 weldon estinstes 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 5870,000 . The allowance had a balance of 520 , 000 at the start of 2024 Required: 1\& 2. Prepare joumal 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. Weidon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024: Narch 17 Accounts receivable of $2 , 500 were written off as uncollectible. The comany uses the allowance method. March 38 Loaned an officer of the cospany $30 , 000 and received a note requiring principal and interest at 6 x to be paid on March 38,2025 . May 30 biscounted the $30 , 000 note at a local bank. The bank's discount rate is 9% . The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for 32 ? , 000 . Terns of the sale are 2/10, n/30. Weldon uses'the July gross method to account for cash discounts. August 8 The Blankenship conpany paid its accouht in full. Augdst 31 Sold stock in a nonpubilc company with a book' value of $5 , 800 and accepted a $6 , 800 noninterest-bearing note with a discount, rate of 9 . The 56,800 payment is due on February 28, 2025. The stock has no ready market value. Decenber 31 Weldon estinates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 35 of the gross accounts receivable balance of $870 , 000 . The allowance had a balance of $20 , 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. 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 32,500 were written off as uncollectible. The company uses the allowance method. March 30 Loaned an officer of the conpany $30 , 600 and received a note requiring principal and interest at 8 x to be paid on March 3e, 2025 . Nay 30 Discounted the $30 , 000 note at a local bank. The bank's discount rate is 98 . The note was discounted without recourse and the sale criteria are net. June 30 sold merchandise to the elankenship conpany for $2 ? , 6 ? 0 . Terns of the sale are 2/10 , n /30 . Weldon uses'the gross nethod to account for cash discounts. July 8 The Blankenship coepany paid its account in fu1l. August 31 Sold stock in a nonpublic coopany with a book'value of $5 , 800 and accepted a $6 , 800 noninterest-bearing note with a discount rate of 9 . The $6 , 800 paynent is due on February 28,2025 . The stock has no ready market. vinlue. December 31 Weldon estimates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 35 of the gross accounts recelvable balance of $878 , 000 . The allowance had a balance of $20 , ? 90 at the start of 2024 . Required: 1\& 2. Prepare journal enthies 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

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