3. Prepare a journal entry to record sales of 100,000 Protab Packages (ignore any sales of extended warranties). Assume the same facts as in P 6-2, except that customers must pay $75 to purchase the extended warranty if they don't purchase it with the $50 coupon that was included in the Protab Package. Creative estimates that 40% of cus- tomers will use the $50 coupon to purchase an extended warranty. Complete the same requirements as in P 6-2. option 06-4, Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2021 it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases. Redemption of a loyalty point tions reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club esti- ervices mates a 60% probability that any point issued will be redeemed for the discount. During July 2021, the company 26-4, records $135,000 of revenue and awards 125,000 loyalty points. The aggregate stand-alone selling price of the purchased products is $135,000. Eighty percent of sales were cash sales, and the remainder were credit sales. 1 CHAPTER 6 329 Revenue Recognition Required: 1. Prepare Supply Club's journal entry to record July sales. 2. During August, customers redeem loyalty points on $60,000 of merchandise. Seventy-five percent of those sales were for cash, and the remainder were credit sales. Prepare Supply Club's journal entry to record those sales