Chapter 8, Problem 8.8E

To determine

Accounts receivable

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Credit card sales:

Credit card is an electronic card, which allows the credit card holders to buy something on credit at convenience, and without paying immediate cash.

Businesses allow customers to buy its products through bank credit cards, such sales are termed as credit card sales. For such convenience, bank charges some percentage as service charge expense on the total value of goods, or services purchased on credit.

To journalize: The transactions of JCP stores.