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 $$2,400$ were written off as uncollectible. The company uses the allowance method.

March $30$ Loaned an officer of the company $$27,000$ and received a note requiring principal and interest at $7\%$ to be paid on March

$30,2025.$

May $30$ Discounted the $$27,000$ 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 $$19,000.$ Terms of the sale are $\frac{3}{10},\frac{n}{30}.$ 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 $$5,700$ and accepted a $$7,200$ noninterest$-$bearing note with a

discount rate of $8\%.$ The $$7,200$ 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 $$860,000.$ The allowance had a balance of $$19,000$ at the start of $2024.$

Required:

$12.$ 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

Accounts receivable of $$2,400$ were written off as uncollectible. The company

uses the allowance method.