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 $2,500 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 8% to be paid on March 30, 2025. May 30 Discounted the $30,000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $20,000. 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 $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 9%. The $6,800 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 $870,000. The allowance had a balance of $20,000 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 Journal entry worksheet 4 5 6 7 8 9 Accounts receivable of $2,500 were written off as uncollectible. The company uses the allowance method. Note: Enter debits before credits 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 $2,500 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 8% to be paid on March 30, 2025. May 30 Discounted the $30,000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $20,000. 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. value. August 31 Sold stock in a nonpublic company with a book value of $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 9%. The $6,800 payment is due on February 28, 2025. The stock has no ready market 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 $870,000. The allowance had a balance of $20,000 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 Journal entry worksheet 4 5 6 78 9 Loaned an officer of the company $30,000 and received a note requiring principal and interest at 8% to be paid on March 30, 2025. Note: Enter debits before credits 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 $2,500 were written off as uncollectible. The company uses the allowance method. March 38 Loaned an officer of the company $30,000 and received a note requiring principal and interest at 8% to be paid on March 30, 2025. May 30 Discounted the $30,000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $20,000. 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 $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 0%. The $6,800 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 $870,000. The allowance had a balance of $20,000 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 Journal entry worksheet 4 5 6 7 8 9 Record the accrued interest revenue on the discounted note. 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 $2,500 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 8% to be paid on March 30, 2025. May 30 Discounted the $30, 000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $20,000. Terns 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 $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 9%. The $6,800 payment is due on February 28, 2025. The stock has no ready market 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 $870,000. The allowance had a balance of $20,000 at the Required: value. start of 2024. 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 Journal entry worksheet < 5 6 7 8 9 Record the cash received on the discounted note. Note: Enter debits before cres 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 $2,500 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 8% to be paid on March 30, 2025. May 30 Discounted the $30,000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $20,000. Terns 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. value. August 31 Sold stock in a nonpublic company with a book value of $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 9%. The $6, 800 payment is due on February 28, 2025. The stock has no ready market 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 $870,000. The allowance had a balance of $20,000 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 Journal entry worksheet 5 6 7 8 9 Sold merchandise to the Blankenship Company for $20,000. Terms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts Note: Enter debits helion.vratite 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 $2,500 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 8% to be paid on March 30, 2025. May 30 Discounted the $30,000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $20,000. Teras of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts. July B The Blankenship Company paid its account in full. August 31 Sold stock in a nonpublic company with a book value of $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 9%. The $6,800 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 $870,000. The allowance had a balance of $20,000 at the start of 2824. 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 Journal entry worksheet 4 5 6 7 8 9 The Blankenship Company paid its account in full. 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 $2,500 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 8% to be paid on March 30, 2025. May 30 Discounted the $30, 000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $20,000. 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 $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 9%. The $6,800 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 $870,000. The allowance had a balance of $20,000 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 Journal entry worksheet 5 6 7 8 9 Sold stock with a book value of $5,800 and accepted a $6,800 noninterest- bearing note with a discount rate of 9% due on February 28, 2025. Note: Enter debits before credits. 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 $2,500 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 8% to be paid on March 30, 2025. May 30 Discounted the $30,000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $20,000. 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 $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 9%. The $6, 800 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 $870,000. The allowance had a balance of $20,000 at the Required: start of 2024, 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 Journal entry worksheet. 5 6 7 3 9 To record the accrual of interest earned on note receivable. Note: Enter debits before credits 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 $2,500 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 8% to be paid on March 30, 2025. May 30 Discounted the $30,000 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $20,000. Terns 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 $5,800 and accepted a $6,800 noninterest-bearing note with a discount rate of 9%. The $6,800 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 $870,000. The allowance had a balance of $20,000 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 Journal entry worksheet 4 5 6 7 8 & To record the accrual of bad debt expense. Note: Enter debits before credits