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 80% probability that any point issued will be redeemed for the discount. During July 2018, 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 remalnder were credit sales. (Do not round Intermedlate calculatlons. If no entry Is required for a particular transactlon/event, select "No Journal entry requlred" In the first account field.) View transaction list Journal entry worksheet 2 Record the July sales Note: Enter debits before credits. Transaction General Journal Debit Credit Cash Accounts receivable es revenue eferred revenue loyalty points Record entry Clear entry View general journal