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 $164,000 of revenue and awards 256,250 loyalty points. The aggregate stand-alone selling price of the purchased products is $164,000. 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 $164,000 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 Journal entry worksheet 1 Record the July sales Note: Enter debits before credits Transaction General Journal 1 Cash Accounts receivable Credit Debit 114,800 49.200 Required: 1. & 2. Prepare Supply Club's journal entry to record July and August sales. During August, customers redeem loyalty points on $164,000 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 accoun field.) View transaction list Journal entry worksheet Record the July sales. Note: Enter debits before credits Transaction Debit Credit 1 General Journal Cash 'Accounts receivable Sales revenue Deferred revenue - loyalty points 114,800 49,200 138,104 25,896 Record entry Clear entry View general Journal Required: 1. & 2. Prepare Supply Club's journal entry to record July and August sales. During August, customers redeem loyalty points on $164,000 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 Journal entry worksheet 2 Record the August sales. Note: Enter debits before credits Credit Transaction General Journal 2 Cash Accounts receivable Deferred revenue - loyalty points Sales revenue Debit 98.400 32,800 13,120 144,320 Record entry Clear entry View general Journal