Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred in 2021:

Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of $2,500 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 8% to be paid on March 30, 2022. 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. Aug. 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, 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 3% of the gross accounts receivable balance of $870,000. The allowance had a balance of $20,000 at the start of 2021. Required: 1 & 2. Prepare journal entries for each of the above transactions and 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. Do not round intermediate calculations and round your final answers to nearest whole dollar.) Credit No 1 Date March 17, 2021 General Journal Allowance for uncollectible accounts Accounts receivable Debit 2,500 2,500 March 30, 2021 30,000 Notes receivable Cash 30,000 May 30, 2021 Interest receivable Interest revenue - 400 400 4 May 30, 2021 29,970 430 Cash Loss on sale of notes receivable Interest receivable Notes receivable 400 30,000 June 30, 2021 20,000 Accounts receivable Sales revenue 20,000 July 08, 2021 Cash Sales discounts Accounts receivable 19,600 400 20,000 7 August 31, 2021 6,800 Notes receivable Discount on notes receivable Investments Gain on sale of investments 287 X 5,800 713 @ @ @ OOOO 26,100 X December 31, 202 Bad debt expense Allowance for uncollectible accounts 26,100 X 9 195 X December 31, 202 Discount on notes receivable Interest revenue 195 X