Rock Gasoline decided to implement a customer loyalty points program. For each litre of fuel sold, the

Question:

Rock Gasoline decided to implement a customer loyalty points program. For each litre of fuel sold, the customer would earn 1 point. The points could be accumulated and redeemed later for gas, products in the store, or a car wash. In May, Rock has sales of $ 60,000, which represented 48,000 litres. The fair value of all of the loyalty points awarded on these sales was $ 1,500.

Required:
Prepare the journal entry required to record the sales for May for Rock.