Journalize the declaration for discount mart

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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12 the company receives a $500 check from Chad Thomas in settlement of Thomas's $1,290 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.

Problem 1: Journalize this declaration. If an amount box does not require an entry, leave it blank.

Reference no: EM132708581

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