Weldon Corporations fiscal year ends December 31 The following is a list of transactions involving receivables that occurred during 2016 Mar 17 Accounts receivable of $2,300 were written off as uncollectible The company uses the allowance method 30 Loaned an officer of the company $30,000 and received a note requiring principal and interest at 5 to be paid on March 30, 2017 May 30 Discounted the $30,000 note at a local bank The banks 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 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 $5,600 and accepted a $6,600 non interest bearing note with a discount rate of 6 The $6,600 payment is due on February 28, 2017 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 2016 were $760,000 Required 1 Prepare journal entries for each of the above transactions (Do not round your intermediate calculations Round your final answers to the nearest whole dollar If no entry is required for a transaction event, select No journal entry required in the first account field ) 2 Prepare any 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 )

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Weldon Corporations fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2016: Mar. 17 Accounts receivable of

Weldon Corporations fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2016:

Mar. 17		Accounts receivable of $2,300 were written off as uncollectible. The company uses the allowance method.
30		Loaned an officer of the company $30,000 and received a note requiring principal and interest at 5% to be paid on March 30, 2017.
May 30		Discounted the $30,000 note at a local bank. The banks 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 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 $5,600 and accepted a $6,600 non interest-bearing note with a discount rate of 6%. The $6,600 payment is due on February 28, 2017. 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 2016 were $760,000.

Required:

Prepare journal entries for each of the above transactions. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2.	Prepare any 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.)