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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 $$3,700$ were written off as uncollectible. The company uses the allowance method.

March $30$ Loaned an officer of the company $$45,000$ and received a note requiring principal and interest at $8\%$ to be paid on Ma $30,2025.$

May $30$ Discounted the $$45,000$ note at a local bank. The bank's discount rate is $9\%.$ The note was discounted without recours and the sale criteria are met.

June $30$ Sold merchandise to the Blankenship Company for $$32,000.$ Terms of the sale are $\frac{2}{10},$ 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 $$7,000$ and accepted a $$8,200$ noninterest$-$bearing note with a discount rate of $9\%.$ The $$8,200$ 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 $3x.$ the gross accounts receivable balance of $$990,000.$ The allowance had a balance of $$32$;$000$ at the start of $2024.$

Required:

$1$& $2.$ Prepare journal entrles for each of the above transactions and additional year$-$end adjusting entrles indi$$ated$.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" In the first account fleld. Do not round Intermedlate calculations and round your flnal answers to nearest whole dollar.

Journal entry worksheet

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Accounts receivable of $$3,700$ were written off as uncollectible. The company uses the allowance method.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$March $17\mathrm{.}2024,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

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