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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12th the company receives a $570 check from Chad Thomas in settlement

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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12th the company receives a $570 check from Chad Thomas in settlement of Thomas' $1, 450 outstanding accounts receivable. Due to Thomas' 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 or enter "0

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