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Mentifying and Recording Customer Option for Additional Merchandise A large dothing retaler chain, Kolfs, 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 cam ass cred used to 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, Kolts estimates that of the credits will be redeemed Determine how many performance obligations are included in a sales transaction during the sales incentive program. Two performance obligations Auming that Kolls sold 9700.000 of merchandise cost of 280,000 during the first day of the sales incentive period, record the journal entries to record sales revenue. Assume all sales were cash sales Note: Round each allocated transaction price to the nearest whole dolar Transaction Standalone Transaction Selling RODOS Customer and di . CF Becord a summary entry to recoge revenue and during the day merchandise credoneriod, wing that of the credits are redeemed Record a summary entry to recoge revenue for the conclusion of the day merchandise credit redemption period in that credit redeemed An Name Mentifying and Recording Customer Option for Additional Merchandise A large dothing retaler chain, Kolfs, 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 cam ass cred used to 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, Kolts estimates that of the credits will be redeemed Determine how many performance obligations are included in a sales transaction during the sales incentive program. Two performance obligations Auming that Kolls sold 9700.000 of merchandise cost of 280,000 during the first day of the sales incentive period, record the journal entries to record sales revenue. Assume all sales were cash sales Note: Round each allocated transaction price to the nearest whole dolar Transaction Standalone Transaction Selling RODOS Customer and di . CF Becord a summary entry to recoge revenue and during the day merchandise credoneriod, wing that of the credits are redeemed Record a summary entry to recoge revenue for the conclusion of the day merchandise credit redemption period in that credit redeemed An Name