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 $$2,300$ were written off as uncollectible. The company uses the allowance method.

March $30$ Loaned an officer of the company $$30,000$ and received a note requiring principal and interest at $5\%$ be paid on March $30,2025.$

May $30$ Discounted the $$30,000$ 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 $$18,000.$ Terms of the sale are $\frac{2}{10},\frac{n}{30}.$ 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 $$5,600$ and accepted a $$6,600$ noninterestbearing note with a discount rate of $6\%.$ The $$6,600$ 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 $2\%$ of the gross accounts receivable balance of $$850,000.$ The allowance had a balance of $$18,000$ 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.

View transaction list

$\backslash$table$[[$No$,$Date,General Journa$0$