nordstrom sold a pair of shoes for 100 to a customer who paid with a nordstrom credi 564021

Nordstrom sold a pair of shoes for $100 to a customer who paid with a Nordstrom credit card. Again, assume the shoes are marked down and the customer cannot return or exchange them. Nordstrom has received a promise of cash payment (an account receivable), so the transaction meets the second criterion. (We revisit the measurement of accounts receivable in Chapter 7 when we take up the issue of customers who do not pay.) The transaction also meets the first criterion because Nordstrom has no additional obligations. Nordstrom would, therefore, recognize revenue on this transaction and make the following journal entry: