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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On Docember 12 the company receives a $560 check from Chad Thomas in settlement,

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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On Docember 12 the company receives a $560 check from Chad Thomas in settlement, of Thomas's $1,440 outstanding accounts recelvable. Due to Thomas's failing heath he is closing his company and is expecting to make no further payments to Oiscount Mart. Journalize this deciaration. If an amount box does not require an entry, leave it blank. Dec. 12

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