Real People Sporting (RPS) Co-op introduced a loyalty program in 2023. Every customer who signed up would receive 2% of their total purchases as a cheque, each February for the previous year, that could be used in-store on any merchandise within the next nine months. Customers could look online during the year and check their balance at any time. Laura signed up for the program in 2023, when she purchased a kayak in July for $900. Later, in September, she purchased a mountain bike for $1,800. In March 2024, she purchased a paddle board for $1,600 and used her cheque toward the purchase. Required: a. Prepare the journal entries for RPS Co-op for each of the transactions in July 2023, September 2023, and March 2024. View transaction list Journal entry worksheet < 1 2 3 Record the sale of kayak and loyalty points.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is