Supply Club, Incorporated, sells a variety of paper products, office supplies, and other pro businesses...
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Supply Club, Incorporated, sells a variety of paper products, office supplies, and other pro businesses and individual consumers. During July 2024, it started a loyalty program throu qualifying customers can accumulate points and redeem those points for discounts on fut Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% cents). Customers do not earn additional loyalty points for purchases on which loyalty poir redeemed. Based on past experience, Supply Club estimates a 60% probability that any p be redeemed for the discount. During July 2021, the company redeemed 13,800 points an product of $172,500, so it recorded $186,300 of revenue. The aggregate stand-alone selli purchased products is $186,300. Seventy percent of sales were cash sales, and the remai sales. Required: 1. \& 2 Prepare Supply Club's journal entry to record July and August sales. During August, redeem loyalty points on $82,800 of merchandise. Sixty-five percent of those sales were f remainder were credit sales. Note: Do not round Intermedlote colculations. If no entry Is required for a transaction/ev Journal entry required" In the first occount fleld. Journal entry worksheet Note: Enter debits before credics
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