JCPenney issues its own credit cards to its customers who have established credit with them.It's customers used these cards to charge $300 worth of sales.JCPenney would record these sales by:
A) debiting Cash $300 and crediting Sales $300.
B) debiting Sales $300 and crediting Accounts Receivable $300.
C) debiting Charge Card Sales $300 and crediting Sales Returns and Allowances $300.
D) debiting Accounts Receivable $300 and crediting Sales $300.

Question

Quizplus · Accepted Answer

JCPenney would debit Accounts Receivable $300 to reflect the amount owed by customers and credit Sales $300 to record the revenue from the sales.

JCPenney Issues Its Own Credit Cards to Its Customers Who