Weldon Corporations fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2018: Mar. 17 Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2019. May 30 Discounted the $20,000 note at a local bank. The banks 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 $12,000. Terms 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. Aug. 31 Sold stock in a nonpublic company with a book value of $5,000 and accepted a $6,000 noninterest-bearing note with a discount rate of 8%. The $6,000 payment is due on February 28, 2019. The stock has no ready market value. Dec. 31 Bad debt expense is estimated to be 2% of credit sales for the year. Credit sales for 2018 were $700,000. Required: 1 & 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. (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 2018: Mar 17 Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2019 May 30 Discounted the $20,000 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 $12,000. Terms of the sale are 2/10, n/30. Weldon uses the qross method to account for cash discounts 8 The Blankenship Company paid its account in full. July Aug. 31 Sold stock in a nonpublic company with a book value of $5,000 and accepted a $6,000 noninterest-bearing note with a discount rate of 8%. The $6,000 payment is due on February 28, 2019. The stock has no ready market value Dec. 31 Bad debt expense is estimated to be 2% of credit sales for the year. Credit sales for 2018 were $700,000 Required: 1& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. (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.) No Date General Journal Debit Credit March 17, 2018 Allowance for uncollectible accounts 1 1,700 Accounts receivable 1,700 March 30, 2018 2 Note receivable 20,000 Cash 20,000 3 May 30, 2018 233 Interest receivable Interest revenue 233 4 May 30, 2018 Cash 20,151 Loss on sale of note receivable 82 Interest receivable 233 Note receivable 20,000 5 June 30, 2018 Accounts receivable 12,000 Sales revenue 12,000 LC 6 July 08, 2018 Cash 11,760 Sales discounts 240 Accounts receivable 12,000 7 August 31, 2018 6,000 Note receivable Discount on note receivable Investments 5,000 Gain on sale of investments 976 December 31, 201 Bad debt expense 8 14,000 Allowance for uncollectible accounts 14,000 December 31, 201 Discount on note receivable Interest revenue