supply club, incorporated, sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. during july 2024, 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 2021, the company redeemed 12,400 points and sold additional product of $155,000, so it recorded $167,400 of revenue. the aggregate stand-alone selling price of the purchased products is $167,400. eighty 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 $74.400 of merchandise. seventy-five percent of those sales were for cash, and the remainder were credit sales. note: do not round intermediate calculations. if no entry is required for a transaction/event, select "no journal entry required" in the first account field.