Supply Club, Inc, sells a vanety of paper products, office supplies, and other products used by businesses and individual consumem. 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 earn 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 $193,500 of revenue and awards 134,375 loyalty points. The aggregate stand-alone selling price of the purchased products is $193,500 Seventy percent of sales were cash sales, and the remainder were credit sales Required: 1. & 2. Prepare Supply Club's journal entry to record July and August sales. During August, customers redeem loyalty points on $86,000 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.) Answer is not complete Transaction General Journal 1 Cash Debil 135.450 58 050 OS Acontecevable Sales revenue Deferred revenue-loty is 2 OOO OO 2 Daredeviloyalty points Sales revenue t4 Next