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Weldon Corporation's fiscal year ends December 31 . The following is a list of transactions involving receivables that occurred during 2024: March 17 Accounts receivable of $3,400 were written off as uncollectible. The company uses the allowance nethod. March 30 Loaned an officer of the company $39,200 and received a note requiring principal and interest at 7s to be paid on March 30,2025. May 30 oiscounted the $39, 000 note ot a local bank. The bank's discount rate is 8v. The note was discounted without recourse and the sale criteria are net. June 30 sold nerchandise to the Blankenship Company for $29,000. Teras of the sale are 2/10,n/30. Weldon uses the gross nethod to account for cash discounts. July 8 The Blankenship Company paid its account in full. August 31 sold stock in a nonpubtic conpany with a book value of $6,700 and accepted a 58,400 noninterest-bearing note with a discount rate of 8s. The $8,400 paysent is due on february 28,2025 . The stock has no ready narket vatue. Deceaber 31 Weldon estinates that the allowance for unoollectible accounts should have a balance in it at year-end equat to 34 of the gross accounts receivable balance of $960, 0ae. The allowance had a balance of $29, eo at the start of 2024 . Required: 18 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicoted. Note: 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. Journal entry worksheet > Accounts recelvable of $3,400 were written off as uncollectible. The company uses the allowance method. Weldon Corporation's fiscal year ends December 31 . The following is a list of transactions involving receivables that occurred during 2024: March 17 Accounts receivable of $3,400 were written off as uncollectible. The company uses the allowance method. March 30 Loaned an officer of the company $39,000 and received a note requiring principal and interest at 74 to be paid on March 30,2025. May 30 Discounted the $39,000 note at a local bank. The bank's discount rate is 84 . The note was discounted without recourse and the sate criteria are net. June 30 sold merchandise to the Blankenship Company for $29,080. Terms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts. Juty 8 The Blankenship Company paid its account in futt. August 31 Sold stock in a nonpublic company with a book value of $6,700 and accepted a 58,400 noninterest-bearing note with a discount rate of 8%. The $8,400 payment is due on February 28,2025 . The stock has no ready market value. Decenber 31 Weldon estimates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 34 of the gross accounts receivable balance of $960,000. The allowance had a batance of $29,000 at the start of 2024 . Required: 1\& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. Note: 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. Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024: March 17 Accounts receivable of $3,400 were written off as uncollectible. The company uses the allowance method. March 30 Loaned an of ficer of the company $39,000 and received a note requiring principal and interest at 7$ to be paid on March 30, 2025. May 30 Discounted the $39,000 note at a local bank. The bank's 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 $29,000. 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. August 31 Sold stock in a nonpublic company with a book value of $6,700 and accepted a 58,400 noninterest-bearing note with a discount rate of 8%. The $8,400 payment is due on February 28,2025 . The stock has no ready market value. Decenber 31 Weldon estinates that the allowance for uncollectible accounts should have a batance in it at year-end equat to 3% of the gross accounts receivable balance of $960,000. The allowance had a balance of $29, e00 at the start of 2024 . Required: 1\& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. Note: 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. Weldon Corporation's fiscal year ends December 31 . The following is a list of transactions involving receivables that occurred during 2024: Narch 17 Accounts receivable of $3,400 were written of f as uncollectible. The company uses the allowance nethod. March 30 Loaned an officer of the company $39,0e0 and received a note requiring principat and interest at 74 to be paid on March 38,2025. May 30 Discounted the $39,000 note at a local bank. The bank's discount rate is 88 . The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $29,000. Terms of the sate are 2/10, 0/30. Wetdon uses the gross method to account for cash discounts. July 8 The Blankenship Company paid its account in futt. August 31 Sold stock in a nonpubic conpany with a book value of $6,700 and accepted a 58,460 noninterest-bearing note with a discount rate of 84 . The $8,400 payment is due on February 28,2025 . The stock has no ready market vatue. Decenber 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 $960,000. The allowance had a balance of $29, 000 at the start of 2024 . Required: 1\& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. Note: 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. Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024: March 17 Accounts receivable of $3,400 were written of f as uncollectible. The company uses the allowance method. March 30 Loaned an officer of the company $39,000 and received a note requiring principal and interest at 74 to be paid on March 30,2025. May 30 Discounted the $39,000 note at a local bank. The bank's discount rate is 8%. The note was discounted without recourse and the sale criteria are net. June 30 sold merchandise to the Blankenship Company for $29,000. 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. August 31 Sold stock in a nonpubilic company with a book vatue of $6,780 and accepted a $8,400 noninterest-bearing note with a discount rate of 8%. The $8,400 payment is due on February 28,2025 . The stock has no ready market value. December 31 Weldon estimates that the allowance for uncollectible accounts shoutd have a balance in it at year-end equal to 3% of the gross accounts receivable balance of $960,000. The allowance had a balance of $29,000 at the start of 2024 . Required: 1\& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. Note: 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. Journal entry worksheet 123 6 7 8 9 > Sold merchandise to the Blankenship Company for $29,000. Terms of the sale are 2/10,n/30. Weldon uses the gross method to account for cash discounts. Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024 : March 17 Accounts receivable of $3,400 were written off as uncollectible. The company uses the allowance method. March 30 Loaned an officer of the company $39,000 and received a note requiring principal and interest at 75 to be paid on March 30, 2025. May 30 Discounted the $39,000 note at a local bank. The bank's discount rate is 84 . The note was discounted without recourse and the sale criteria are net. June 30 sold merchandise to the Blankenship Company for $29,800. Terms of the sale are 2/10. 7/30. Weldon uses the gross method to account for cash discounts. July 8 The Blankenship Company paid its account in full. August 31 Sold stock in a nonpublic company with a book value of $6,700 and accepted a $8,400 noninterest-bearing note with a discount rate of 8%. The $8,400 payment is due on February 28,2025 . The stock has no ready market value. Decenber 31 Weldon estinates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 3t of the gross accounts receivable balance of $960,000. The allowance had a batance of $29, 000 at the start of 2024 . Required: 1& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. Note: 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. Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2024: March 17 Accounts receivable of $3,400 were written off as uncollectible. The conpany uses the allowance method. March 30 Loaned an officer of the company $39,000 and received a note requiring principal and interest at 7s to be paid on March 30, 2025. May 30 Discounted the $39,000 note at a local bank. The bank's discount rate is 8%. The note was discounted without recourse and the sale criteria are net. June 30 Sold merchandise to the Blankenship Conpany for $29,000. Terns of the sate 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. August 31 Sold stock in a nompublic company with a book value of $6,700 and accepted a $8,400 noninterest-bearing note with a discount rate of 82 . The $8,400 paynent is due on February 28,2025 . The stock has no ready market value. Decenber 31 Weldon estinates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 3t of the gross accounts receivable batance of $960,000. The allowance had a balance of $29,000 at the start of 2024 . Required: 1\& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. Note: 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. Journal entry worksheet 1 2 . 3 4 5 6 8 9 Sold stock with a book value of $6,700 and accepted a $8,400 noninterestbearing note with a discount rate of 8% due on February 28, 2025. 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 $3,400 were written off as uncollectible. The company uses the allowance nethod. March 30 Loaned an officer of the company $39,000 and received a note requiring principal and interest at 7$ to be paid on March 30,2025 . May 30 Discounted the $39,600 note at a local bank. The bank's discount rate is 8%. The note was discounted without recourse and the sale criteria are met. June 30 sold nerchandise to the Blankenship Company for $29,000. Terns of the sate 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. August 31 sold stock in a nonpublic company with a book value of $6,700 and accepted a $8,400 noninterest-bearing note with a discount rate of 8%. The $8,400 payment is due on February 28,2025 . The stock has no ready narket value. Deceaber 31 Weldon estimates that the allowance for unollectible accounts should have a balance in it at year-end equal to 3k of the gross accounts receivable balance of $960,000. The allowance had a balance of $29, veo at the start of 2024 . Required: 18 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. Note: 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. Weldon Corporation's fiscal year ends December 31 . The following is a list of transactions involving receivables that occurred during 2024: March 17 Accounts receivable of $3,400 were written off as uncollectible. The company uses the altowance method. March 30 Loaned an officer of the company $39,000 and received a note requiring principal and interest at 74 to be paid on March 30, 2025. May 30 Discounted the $39,000 note at a local bank. The bank's discount rate is 8 s. The note was discounted without recourse and the sale criteria are net. June 30 sold merchandise to the Blankenship Company for $29,000. 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. August 31 Sold stock in a nonpublic company with a book value of $6,700 and accepted a $8,400 noninterest-bearing note with a discount rate of 8$. The $8,408 payment is due on February 28,2025 . The stock has no ready market: vatue. December 31 Weldon estimates that the allowance for unollectible accounts should have a balance in it at year-end equal to 3v of the gross accounts receivable balance of $960, eas. The allowance had a balance of $29,000 at the start of 2024 . Required: 1\& 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. Note: 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

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