Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving recelvables that occurred during 2024: March 17 Accounts receivable of $2,700 were written off as uncollectible. The company uses the allowance nethod. March 30 Loaned an officer of the conpany 530,000 and received a note requiring principal and interest at 6x to be paid on March 30,2e25. May 30 oiscounted the 530,000 note at a local bank. The bank's discount rate is 7%. The note was discounted without reccurse and the sale criteria are met. June 30 sold serchandise to the Blankenship Conpany for $22, eee. Terns of the sale are 2/10, n/s0. Weldon uses the gross method to account for cash discounts. July 8 The Blankenship conpany paid its account in full. August 31 sold stock in a nonpublic conpany with a book value of $6, eee and accepted a $7, see noninterest-bearing note with a discount rate of 7%. The $7, see payment is due on February 26,2025 . The stock has no ready market value. December 31 weldon estieates that the allowance for uncollectible accounts should have a balance in. it at year-end equal to 3x of the gross accounts receivable balance of 5890,000 . The allowance bad a balance of $22,000 at the 5tart of 2024 . Required: 1& 2. Prepare journal entries for each of the above transactions and adiditional year-end adjusting entries indicated. Note: if no entry is required for o tronsection/event, select "No journol entry required" in the flirst occount fleld. Do not round Intermediete celculstions ond round your finel answers to nearest whole dollar. Journal entry worksheet Journal entry worksheet Record the accrued interest revenue on the discounted note. Notes Enter debits belore credics. Journal entry worksheet Notet Enter debits before credits: Journal entry worksheet Note: Enter debits befere credts, Journal entry worksheet Accounts receivable of $2,700 were written off as uncollectible. The company uses the allowance method. Note: Enter debits before credits. Journal entry worksheet 1 2 3 7 8 9 Sold merchandise to the Blankenship Company for $22,000. Terms of the sale are 2/10,n/30. Weldon uses the gross method to account for cash discounts. Note: Enter debits before credits. Journal entry worksheet Woter tenter deoits perore creons: Journal entry worksheet \begin{tabular}{llllll|l} 1 & 2 & 3 & 4 & 5 & 6 \end{tabular} 9 Sold stock with a book value of $6,000 and acoepted a $7,800 noninterestbearing note with a discount rate of 7% due on February 28,2025. Notes Enter debits before credits. Journal entry worksheet 56 Record the cash received on the discounted note. Note: Enter debits before credins. Journal entry worksheet Loaned an officer of the company $30,000 and received a note requiring principal and interest at 6% to be paid on March 30,2025. Note: Enter debits before credits
