Question: i got all journal entrues wrong but the first one... please someone help! Weldon Corporation's fiscal year ends December 31 . The following is a








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 $3,100 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 8 to be paid on March 3e,2e25. May 30 Discounted the $39,000 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 30 Sold merchandise to the Blankenship Company for $26,000. Terms of the sale are 3/10, 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 $6,400 and accepted a $7,400 noninterest-bearing note with a discount rate of 9%. The $7,490 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 34 of the gross accounts receivable balance of $939,000. The allowance had a balance of $26,000 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 3 5 6 8 9 Loaned an officer of the company $39,000 and received a note requiring principal and interest at 8% to be paid on March 30, 2025. Note: Enter debits before credits. Journal entry worksheet Record the accrued interest revenue on the discounted note. Note: Enter debits before credits. Record the cash received on the discounted note. Note: Enter debits before credits. Journal entry worksheet 1. 2 3 7 8 9 Sold merchandise to the Blankenship Company for $26,000. Terms of the sale are 3/10,n/30. Weldon uses the gross method to account for cash discounts. Note: Enter debits before credits. Journal entry worksheet Sold stock with a book value of $6,400 and accepted a $7,400 noninterestbearing note with a discount rate of 9% due on February 28, 2025. Note: Enter debits before credits. To record the accrual of interest earned on note receivable. Note: Enter debits before credits. Journal entry worksheet Note: Enter aepits perore creairs
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
