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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12, the company receives a $580 check from Chad Thomas in settlement

Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12, the company receives a $580 check from Chad Thomas in settlement of Thomas's $1,080 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.


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