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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12 the company receives a $560 check from Chad Thomas in
Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12 the company receives a $560 check from Chad Thomas in settlement of Thomas's $1,220 outstanding accounts receivable. Due to Thomas's failing health he is closing his company and is expecting to make no further payments to Discount Mart. Journalize this declaration. If an amount box does not require an entry, leave it blank. Dec. 12 188
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
