Instruction Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12 the company receives a $520 check from Chad Thomas in settlement of Thomas's $1,260 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. Required: Journalize this declaration. Refer to the Chart of Accounts for exact wording of account titles. General Journal CHART OF ACCOUNTS Discount Mart General Ledger ASSETS REVENUE 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Delivery Expense 524 Repairs Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense All we 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Equipnent 192 Accumulated Depreciation 536 Credt Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Instruction Chart of Accounts General Journal General Jounal Jounalize this declaration on December 12. Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT