I need the answer as soon as possible Steig's Sports Store has a customer loyalty program in which it issues points to customers for every cash purchase that can be appliedto future purchases. For every dollar spent, a customer receives three points. Each point is worth one cent. There is no expiry date onthe points. Steig's estimates that 41% of the points issued will eventually be redeemed. Steig's has a December 31 year end.The program was started in 2020. During 2020, 960,000 points were issued. Sales for 2020 were $384,000. In 2021, 1,380,000 pointswere issued. Total sales for 2021 were $492,000.(a)Your answer has been saved. See score details after the due date.What is the stand-alone value of the points issued in 2020? In 2021?2020%242880020212441400(b)Prepare the journal entries to record the sales for 2020 and 2021. (Round answers to 0 decimal places, e.g. 1,575. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter 0 for the amounts.)Date Account Titles and ExplanationDebitCredit2020Cash384000Unearned Revenue28800(To record sales and unearned revenuerelated to loyalty program.)2021(To record sales and unearned revenuerelated to loyalty program.)

The question is based on the concept of Financial Accounting.

Steig's Sports Store has a customer loyalty program in which it issues points to customers for every cash purchase that can be applied to future purchases. For every dollar spent, a customer receives three points. Each point is worth one cent. There is no expiry date on the points. Steig's estimates that 41% of the points issued will eventually be redeemed. Steig's has a December 31 year end. The program was started in 2020. During 2020, 960,000 points were issued. Sales for 2020 were $384,000. In 2021, 1,380,000 points were issued. Total sales for 2021 were $492,000.

Steig's Sports Store has a customer loyalty program in which it issues points to customers for every cash purchase that can be applied to future purchases. For every dollar spent, a customer receives three points. Each point is worth one cent. There is no expiry date on the points. Steig's estimates that 41% of the points issued will eventually be redeemed. Steig's has a December 31 year end. The program was started in 2020. During 2020, 960,000 points were issued. Sales for 2020 were $384,000. In 2021, 1,380,000 points were issued. Total sales for 2021 were $492,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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