Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers During July 2018 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 60% probability that any point issued will be redeemed for the discount. During July 2018, the company records $161.500 of revenue and awards 237.500 loyalty points. The aggregate stand-alone selling price of the purchased products is $161,500. Seventy-five percent of sales were cash sales, and the remainder were credit sales Required: 1.&2. Prepare Supply Club's ournal entry to record July and August sales. During August, customers redeem $114,000 of merchandise. Seventy-five percent of those sales were for cash, and the remainder were credit sales. (Do not round inte account field.) ermediate calculations. If no entry is required for e particular transaction/event, select "No journal entry required" in the first View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Cash 121,125 40,375 Accounts receivable Sales revenue Deferred revenue loyalty points 137,275 24,225 2b Cash Accounts receivable Deferred revenue loyality points Sales revenue 19,380