Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12 the company receives a $590 check from Chad Thomas in settlement of Thomas's $1,020 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 declaration.

Dakota company experienced the following events during 2016. 1. acquired $30,000 cash from the issue of common stock. 2. paid $12,000 cash to purchase land. 3. borrowed $10,000 cash. 4. provided services for $20,000 cash. 5. paid $1,000 cash for utilities expense. 6. paid $15,000 cash for other operating expenses. 7. paid a $2,000 cash dividend to the stockholders. 8. determined that the market value of the land purchased in event 2 is now $12,700