Receivables Journal Entries
{"Image DocumentName": "Receivables Journal Entries", "Image ImageDescription": "Weldon Corporation\u2019s fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2011: 3/17 Accounts receivable of  1,700 were written off as uncollectible. The company uses the allowance method. 3/30 Loaned an officer of the company  20,000 and received a note requiring principal and interest at 7% to be paid on March 30, /30 Sold merchandise to the Blankenship Company for  12,000. Terms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts. 7/8 The Blankenship Company paid its account in full. 8/31 Sold stock in a nonpublic company with a book value of  5,000 and accepted a  6,000 non-interest-bearing note with a discount rate of 8%. The  6,000 payment is due on February 28, The stock has no ready market value. 12/31 Bad debt expense is estimated to be 2% of credit sales for the year. Credit sales for 2011 were  700,000. Prepare all journal entries.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}