M Home Gradebook Question 2 - Wk 1 - Ap x * Course Hero X Used 2014 NISSAN LAT X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&.launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fultra%252Fcourses%252F_2... Wk 1 - Apply: Homework [due Day 7] Saved Help Save & Exit Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of $1,800 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $21, 600 and received a note requiring principal and interest at 8% to be paid on March 30 2022 . 33.34 May 30 Discounted the $21,060 note at a local bank. The bank's discount rate is 9%. The note was discounted without recourse and points the sale criteria are met . June 30 Sold merchandise to the Blankenship Company for $13,000. 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. eBook Aug. 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, 2022. The stock has no ready market value. References Dec. 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 $800,060. The allowance had a balance of $13,060 at the start of 2021. Required: 1 & 2. Prepare journal entries for each of the above transactions and additional year-end adjusting entries indicated. (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.) View transaction list View journal entry worksheet General Journal Debit Credit No Date 1 800 March 17 2021 Allowance for uncollectible accounts 1,800 Accounts receivable Next > a W g