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 $2,300 were written off as uncollectible. The coapany uses the allowance method. March 30 Loaned an officer of the conpany $33,000 and received a note requiring principal and interest at as to be paid on March 30,2025 . May so oiscounted the $33,000 note at a local bank. The bank's discount rate is 98 . The note mas discounted without recourse and the vale criteria ace net, June 30 5old merchandise to the Blankenship Conpany for $23,000, Terne of the sale are 3/10, n/10. Weldon uses the arots nethod to account for each discounts. July it the Blankenship Coepany paid its account in full. Aigust 31 sold stock in a noepublic coepany with a book value of $6,100 and accepted a $7, 600 noninterest-bearing note with a discount rate of 98 . The 37,600 payment is die on februery 20,2025 . The stock has no ready narket value. Decenter 3t Weldon estinates that the allowance for whcollectible accounts should have a balance in it at year-end equal to jx of the Bross accounts receivable balance of $900,000, The allowance had a balance of $23,000 at the start of 2024 , Required: 1 \& 2. Prepare journal entrles 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 fleld. Do not round intermediate calculations and round your final answers to nearest whole dollar. Journal entry worksheet Sold stock with a book value of $6,100 and accepted a $7,600 noninterestbearing note with a discount rate of 9% due on February 28,2025 . Note: Enter debits before credits. View transaction list Journal entry worksheet To record the accrual of bad debt expense. Note: Enter debits before credits. \begin{tabular}{|c|l|c|c|} \hline \multicolumn{1}{|c|}{ Date } & General Journal & Deblt & Credit \\ \hline December 31,2024 & Bad debt expense & 690 & \\ \hline & Allowance for uncollectible accounts & & 690 \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Record entry Clear entry Vew general joumal Accounts receivable of $2,800 were written off as uncollectible. The company uses the allowance method. Loaned an officer of the company $33,000 and received a note requiring prnipal and interest at 8% to be paid on March 30, 2025. Record the accrued interest revenue on the discounted note. Record the cash received on the discounted note. Sold merchandise to the Blankenship Company for $23,000. Terms of the sale are 3/10,n/30. Weldon uses the gross method to account for cash discounts. Vote : = journal entry has been entered Sold merchandise to the Blankenship Company for $23,000. Terms of the sale are 3/10,n/30. Weldon uses the gross method to account for cash discounts. The Blankenship Company paid its account in full. Sold stock with a book value of $6,100 and accepted a $7,G.00 noninterest-bearing note with a discount rate of 9% que on February 28, 2025. To record the accrual of interest earned on note receivable. To record the accrual of bad debt expense. = journal entry has been entered
