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.

3 3 May 30, 2021 280 Interest receivable Interest revenue 280 4 May 30, 2021 20,979 301 Cash Loss on sale of notes receivable Interest receivable Notes receivable 280 21,000 5 June 30, 2021 Accounts receivable 13,000 Sales revenue OOOOOOOOOOOOOOO 13,000 6 July 08, 2021 Cash Sales discounts 12,610 390 Accounts receivable 13,000 7 August 31, 2021 6,200 279 Notes receivable Discount on notes receivable Investments Gain on sale of investments 5,100 821 8 December 31, 202 Discount on notes receivable 3,000 X Interest revenue 3,000 9 21,900 X December 31, 202 Bad debt expense Allowance for uncollectible accounts 21,900 Prey 1 of 6 !!! Next >