Supply Club Inc.

Supply Club, Inc, ses avanety of paper products, office supplies, and other products used by businesses and individual consumers During July 2021 staned 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 $199,500. Seventy percent of sales were cash sales and the remainder were credt sales Required: 1. & 2. Prepare Supply Club's journal entry to record July and August sales. During August, customers redeem loyalty points on 586.000 of merchandise Seventy-five percent of those sales were for cash, and the remander 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 feld. Answer is not complete General Journal Dahil Credit Cash Accounts relatie Deres y point OOOOOO Drevos Next > here to search o 1