Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: 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, 2022. 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 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, 2022. The stock has no ready market value. Dec. 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 $700,000. The allowance had a balance of $12,000 at the start of 2021. X Answer is complete but not entirely correct. No Date General Journal Debit Credit March 17, 2021 Allowance for uncollectible accounts 1,700 Accounts receivable 1,700 2 March 30, 2021 Notes receivable 20,000 Cash 20,000 3 May 30, 2021 Interest receivable 233 Interest revenue 233 4 May 30, 2021 Cash 19,973 Loss on sale of notes receivable 260 Interest receivable 233 Notes receivable 20,000 5 June 30, 2021 Accounts receivable 21,000 X Sales revenue 21,000 6 July 08, 2021 Cash 20,580 X Sales discounts 420 Accounts receivable 21,000 X 7 August 31, 2021 Notes receivable 6,000 Discount on notes receivable 231 Investments 5,000 Gain on sale of investments 769 8 December 31, 202 Discount on notes receivable 154 x Interest revenue 154 x 9 December 31, 202 Bad debt expense 3,700 Allowance for uncollectible accounts 3,700 5 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. 6 The Blankenship Company paid its account in full. 7 Sold stock with a book value of $5,000 and accepted a $6,000 noninterest-bearing note with a discount rate of 8% due on February 28, 2022. 8 To record the accrual of interest earned on note receivable