Weldon Corporations fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2017:

Mar. 17 Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method.30 Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2018.

May 30 Discounted the $20,000 note at a local bank. The banks discount rate is 8%. The note was discounted without recourse and the sale criteria are met.

June 30 Sold merchandise to the Blankenship Company for $12,000. 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 $5,000 and accepted a $6,000 noninterest-bearing note with a discount rate of 8%. The $6,000 payment is due on February 28, 2018. The stock has no ready market value.

Dec. 31 Bad debt expense is estimated to be 2% of credit sales for the year. Credit sales for 2017 were $700,000.

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.)