6 0 points 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 reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers do not eam additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club estimates a 80% probability that any point issued will be redeemed for the discount. During July 2021, the company records $211,500 of revenue and awards 146.875 loyalty points. The aggregate stand-alone selling price of the purchased products is $211.500. Eighty percent of sales were cash sales and the remainder were credit sales. Required: w 1.& 2 Prepare Supply Club's Journal entry to record July and August sales. During August, customers redeem loyalty points on $94,000 of merchandise. Seventy-five percent of those sales were for cash, and the remainder were credit sales. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) 3 Answer is not complete. No Credit Transaction General Journal Debit 189.200 42,300 Cash Accounts receivable Sales revenue Deferred revenue - loyalty points GOO 2 2 Cash Accounts receivable Deferred revenue - loyalty points Sales revenue sos Prey Next > Tvbe here to catch 6 0 points 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 reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers do not eam additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club estimates a 80% probability that any point issued will be redeemed for the discount. During July 2021, the company records $211,500 of revenue and awards 146.875 loyalty points. The aggregate stand-alone selling price of the purchased products is $211.500. Eighty percent of sales were cash sales and the remainder were credit sales. Required: w 1.& 2 Prepare Supply Club's Journal entry to record July and August sales. During August, customers redeem loyalty points on $94,000 of merchandise. Seventy-five percent of those sales were for cash, and the remainder were credit sales. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) 3 Answer is not complete. No Credit Transaction General Journal Debit 189.200 42,300 Cash Accounts receivable Sales revenue Deferred revenue - loyalty points GOO 2 2 Cash Accounts receivable Deferred revenue - loyalty points Sales revenue sos Prey Next > Tvbe here to catch