A large clothing retailer chain, Koll's, offers a sales incentive program where customers receive direct credit toward future purchases based upon the dollar amount of purchases today. For every $50 spent today, the customer will earn a $6 credit to be used at Koll's in two weeks. The credit expires 5 days after it becomes active. Not all customers will redeem the credit in the 5-day window of time. Based upon historical trends, Koll's estimates that 35% of the credits will be redeemed. a. Determine how many performance obligations are included in a sales transaction during the sales incentive program. b. Assuming that Koll's sold $300,000 of merchandise (cost of $120,000) during the first day of the sales incentive period and 6,000, $6 credits were given, record the journal entry(ies) to record sales revenue. Assume all sales were cash sales. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Performance Obligations Merchandise Customer option-merchandise credit Transaction Price as Stated Standalone Selling Price $ $ $ $ 0 $ Account Name Debit Credit To record the sale of merchandise To record the cost of sale of merchandise 0 $ Total Allocated Transaction Price (rounded) 0