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I need help getting Unearned Revenue - Loyalty Program correct. Record the above transactions. (Credit occount titles are automatically indented when the amount is antered.
I need help getting Unearned Revenue - Loyalty Program correct.
Record the above transactions. (Credit occount titles are automatically indented when the amount is antered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Lst all debit entries befare credit entries Round answers to 0 decimal places, es 5275. Do not round intermediate colculations.) What balances will be included in current liabilities at December 31,2023 and 2024 , regarding the customer loyalty program and gift cards? (Round answers to 0 decimal places, es 5275 .) Question 8 of 8 Reverue from Rewards Program 2024 3. 7.5/10 Unearned Revenue-Loyalty Program 4. Unearned Revenue-Loyalty Program Revenue from Rewards Program 5. Cash Unearned Revenue (Received cash in advance from customer) Unearned Reventie Silies (To record redemption of gift cords.) Skysong Stores started a customer loyalty program at the beginning of 2023 in which customers making cash purchases of gasoline at Skysong Gas Bars are issued rewards in the form of grocery coupons. For each litre of gasoline purchased, the customer gets a grocery coupon for 3.00 cents that can be redeemed in Skysong Food Stores. The coupons have no expiry date. Skysong Stores began selling gift cards in 2024 that do not have expiry dates. The following are selected transactions in 2023 and 2024 : 1. In 2023 , the Gas Bars sold 3.00 million litres of gasoline resulting in gas sales of $3,600,000. Grocery coupons were issued with these sales. The expected redemption rate for the grocery coupons is 79%. 2. In 2023 , customers redeemed $49,800 of the grocery coupons in the Food Stores. 3. In 2024, the Gas Bars sold 4,40 million litres of gasoline resulting in gas sales of $5,720,000. Grocery coupons were issued with these sales. The expected redemption rate for the grocery coupons is 74%, 4. In 2024 , customers redeemed $57,700 of the grocery coupons in the Food Stores. 5. In 2024 , customers purchased $90,400 of gift cards, and $49,200 of the revenue from gift card sales was ro be recorded by the end of the year Step by Step Solution
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