Assignment i

Beaver Ltd$.$ is a retail company that sells sporting goods. It has a customer loyalty program that allows customers to earn points based

on sales made. These points can be accumulated and used for future purchases. One customer loyalty point is awarded for every $$1$ of

purchases. During March $20$X$4,$ the company recorded sales of $$1,609,000$ to customers who were accumulating points. The stand$-$

alone value of these goods sold was $$1,609,000.$ Beaver has also determined that each point has a fair value of $$0\mathrm{.}040.$ The loyalty

account had a balance of $$2,051,000$ at the beginning of March. During the month of March, customers used $483,000$ points to

purchase goods in the store.

Required:

Prepare the entries for the above transactions for the month of March $20$X$4.($If no entry is required for a transaction$/$event$,$ select

$"$No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to

nearest whole dollar.$)$

Journal entry worksheet

$1$

$2$

Record the sales for the month