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 $3,200 were written oft as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $36,000 and received a note requiring principal and interest at 56 to be paid on March 30, 2022. May 30 Discounted the $36,000 note at a local bank. The bank's discount rate is 66. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $27,000. Terms of the sale are 2/10, n/30. Meldon uses the groen 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 $6,500 and accepted a $7,500 noninterest-bearing note with a discount rate of 68. The $7,500 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 31 of the gross accounts receivable balance of $940,000. The allowance had a balance of $27,000 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.) View transaction list View journal entry worksheet Credit No Date March 17, 2021 Debit 3.200 1 General Journal Allowance for uncollectible accounts Accounts receivable 3,200 Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets! Receivables, net of allowance for uncollectible accounts of $35,000 $ 457,000 During 2021, credit sales were $1775,000, cash collections from customers $1,855,000, and $40,000 in accounts receivable were written off. In addition, $3,500 was collected from a customer wiose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following: Percentage of Year-End Receivables in Group Percent Uncollectible 654 Age Group 0-60 days 61-90 days 91-120 days Over 120 days 15 15 S 10 30 50 Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations a. Bad debt expense is estimated to be 3% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable, c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying Return to quem a. Bad debt expense is estimated to be 3% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable. c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable. 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? Answer is not complete