Instructions Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12, the company receives a $540 check from Chad Thomas in settlement of Thomas's $1,040 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 transaction. Refer to the Chart of Accounts for exact wording of account titles. General Journal Journalize this transaction. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DEBIT DESCRIPTION POST. REF. CREDIT DATE