Weldon Corporations fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021:

Mar. 17 Accounts receivable of $1,800 were written off as uncollectible. The company uses the allowance method.

30 Loaned an officer of the company $21,000 and received a note requiring principal and interest at 8% to be paid on March 30, 2022.

May 30 Discounted the $21,000 note at a local bank. The banks 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 $13,000. Terms of the sale are 3/10, 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 $5,100 and accepted a $6,200 noninterest-bearing note with a discount rate of 9%. The $6,200 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 $800,000. The allowance had a balance of $13,000 at the start of 2021.