Weldon Corporations fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024:

March 17	Accounts receivable of $3,600 were written off as uncollectible. The company uses the allowance method.
March 30	Loaned an officer of the company $42,000 and received a note requiring principal and interest at 5% to be paid on March 30, 2025.
May 30	Discounted the $42,000 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 $31,000. 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.
August 31	Sold stock in a nonpublic company with a book value of $6,900 and accepted a $7,900 noninterest-bearing note with a discount rate of 6%. The $7,900 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 $980,000. The allowance had a balance of $31,000 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.