Simon co. sold $500 of merchandise on their own store credit cards. the entry to record this sales transaction on the date of the sale would include a debit to Accounts Receivable for $500.
Accounts receivable refers to the amount owed to a company for goods or services that have been delivered or used but have not yet been paid for by customers (AR). Receivables are categorized as a current asset on the balance sheet. Customer debt for purchases purchased using credit is referred to as AR.
Accounts receivable, also abbreviated as "accounts receivable," or "A/R," refers to a business's legally enforceable claims for payment for goods delivered or services rendered that customers have requested but haven't paid for.
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