Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method.

Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2017.

Discounted the $20,000 note at a local bank. The bank's discount rate is 8%. The note was discounted without recourse and the sale criteria are met.