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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12th the company receives a $550 check from Chad Thomas in settlement of Thomas' $1,100 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 declaration.
Covering Law
A principle that explains an event under a general law, typically used in the philosophy of science to describe how scientific explanations should function.
Normative Principle
A standard or rule that guides behavior based on what is considered right or wrong within a specific context.
Natural Processes
The natural operations or phenomena occurring in the physical world, often without human intervention.
War Powers Resolution
A federal law intended to check the U.S. President's power to commit the United States to armed conflict without the consent of Congress.
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