Journal entry worksheet 1 2 Record the July sales. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit save master clear View general journal Journal entry worksheet 1 2 Record the August sales. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit save master clear View general journal
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 earn one loyalty point for each dollar of goods purchased, but do not earn additional loyalty points for purchases that are made by redeeming loyalty points. Based on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July 2024, the company redeemed 13,000 points and sold additional product of $162,500, so it recorded of revenue of $175,500. The aggregate stand-alone selling price of the purchased products is $175,500. Eighty percent of sales were cash sales, and the remainder were credit sales.
Required:
1. & 2. Prepare Supply Club’s
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.
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