Supply Club, Inc, sells a variety of paper products, office supplies, and other products used by businesses and individual consumers, 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 $153,000 of revenue and awards 106.250 loyalty points. The aggregate stand-alone selling price of the purchased products is $153,000, 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 $68,000 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.) View transaction list View journal entry worksheet No Transaction Debit Credit 1 General Journal Cash Accounts receivable Sales revenue Deferred revenue - loyalty points 122.400 30.600 141,500 11,500 2 2 Cash Required: 1.& 2 Prepare Supply Club's journal entry to record July and August sales During August, customers redeem loyalty points on $68.000 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.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Cash Accounts receivable Sales revenue Deferred revenue - loyalty points 122.400 30.600 141,500 11,500 2 2 Cash Accounts receivable Deferred revenue - loyalty points Sales revenue y