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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12, the company receives a $500 check from Chad Thomas in

Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12, the company receives a $500 check from Chad Thomas in settlement of Thomas's $1,240 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 transaction. If an amount box does not require an entry, leave it blank. Dec. 12

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