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March $17$ Accounts receivable of $$1,800$ were written off as uncollectible. The company uses the allowance method.

March $30$ Loaned an officer of the company $$21,000$ and received a note requiring principal and interest at $8\%$ to be paid on Mar $30,2025.$

May $30$ Discounted the $$21,000$ note at a local bank. The bank's discount rate is $9\%.$ The note was discounted without recourse and the sale criteria are met.

June $305$old merchandise to the Blankenship Company for $$13,000.$ Terms of the sale are $\frac{3}{10},$ n$/130.$ 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 $$5,100$ and accepted a $$6,200$ noninterest$-$bearing note with a discount rate of $9\%.$ The $$6,200$ payment is due on february $28,2025.$ The stock has no ready market value.

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 $$800,000.$ The allowance had a balance of $$13,000$ 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

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Accounts receivable of $$1,800$ were written off as uncollectible. The company uses the allowance method.

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