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 $1,700 were written off as uncollectible. The company uses the allowance method. March 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, 2025. August 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, 2025. The stock has no ready market value. 1 December 31 Weldon estimates that the allowance for uncollectible accounts should have a balance in it at year- end equal to 2% of the gross accounts receivable balance of $700,000. The allowance had a balance of $12,000 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. No 2 3 4 5 May 30 Discounted the $20,000 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 $12,000. Terms of the sale are 2/10, 1/30. Weldon 6 uses the gross method to account for cash discounts. July 8 The Blankenship Company paid its account in full. 7 8 9 Date March 17, 2024 March 30, 2024 May 30, 2024 May 30, 2024 June 30, 2024 July 08, 2024 Allowance for uncollectible accounts Accounts receivable Notes receivable Cash Interest receivable Interest revenue Cash Loss on sale of notes receivable Interest receivable Notes receivable Accounts receivable Sales revenue Cash Sales discounts Accounts receivable General Journal August 31, 2024 Notes receivable Discount on notes receivable Investments Gain on sale of investments December 31, 202 Discount on notes receivable Interest revenue December 31, 202 Bad debt expense ✓ ›› ✓ 0000 ✓ ✓ ›› › › ✓ ✓ ✓ ✓ Debit 1,700 20,000 233 19,973 301 12,000 11,640 X 360 6,000 ** 160 > X Credit 1,700 20,000✔ 233 20,000 X 233 X 12,000 12,000 279 X 5,000✔ 821 X > 160✔