Upstart Cinemas offers a loyalty program to its customers They get 5 loyalty point for every $1 they spend at their locations During the month of June member customer spent $185000 at their locations around the country Historically, an average of 70% of points earned are redeemed. Points Earned Points Redeemed b) During the month of July, members purchased $170,000 dollars worth of Merchandise Using 250,000 points, with the remainder paid in cash. \begin{tabular}{|l|l|l|l|} \hline date & description & DR & Cr \\ \hline july 31th & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Extended Warranty \begin{tabular}{|l|l|l|l|} \hline a) record the sale of extra warranty coverage in the book of \\ \hline date & description & CR & Cr \\ \hline Jan 1st & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} b) record the adjustment at the end of the first year to update the books of the company assuming that no claims were made on the extra warranty