Marin Stores started a customer loyalty program at the beginning of 2023 in which customers making...

 
 

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Marin Stores started a customer loyalty program at the beginning of 2023 in which customers making cash purchases of gasoline at Marin Gas Bars are issued rewards in the form of grocery coupons. For each litre of gasoline purchased, the customer gets a grocery coupon for 3.80 cents that can be redeemed in Marin Food Stores. The coupons have no expiry date. Marin Stores began selling gift cards in 2024 that do not have expiry dates. The following are selected transactions in 2023 and 2024: 1. 2. 3. 5. In 2023, the Gas Bars sold 4.20 million litres of gasoline resulting in gas sales of $5,040,000. Grocery coupons were issued with these sales. The expected redemption rate for the grocery coupons is 73%. In 2023, customers redeemed $52,000 of the grocery coupons in the Food Stores. In 2024, the Gas Bars sold 4.65 million litres of gasoline resulting in gas sales of $6,045,000. Grocery coupons were issued with these sales. The expected redemption rate for the grocery coupons is 70%. In 2024, customers redeemed $58,900 of the grocery coupons in the Food Stores. In 2024, customers purchased $92,800 of gift cards, and $50,400 of the revenue from gift card sales was to be recorded by the end of the year. Marin Stores started a customer loyalty program at the beginning of 2023 in which customers making cash purchases of gasoline at Marin Gas Bars are issued rewards in the form of grocery coupons. For each litre of gasoline purchased, the customer gets a grocery coupon for 3.80 cents that can be redeemed in Marin Food Stores. The coupons have no expiry date. Marin Stores began selling gift cards in 2024 that do not have expiry dates. The following are selected transactions in 2023 and 2024: 1. 2. 3. 5. In 2023, the Gas Bars sold 4.20 million litres of gasoline resulting in gas sales of $5,040,000. Grocery coupons were issued with these sales. The expected redemption rate for the grocery coupons is 73%. In 2023, customers redeemed $52,000 of the grocery coupons in the Food Stores. In 2024, the Gas Bars sold 4.65 million litres of gasoline resulting in gas sales of $6,045,000. Grocery coupons were issued with these sales. The expected redemption rate for the grocery coupons is 70%. In 2024, customers redeemed $58,900 of the grocery coupons in the Food Stores. In 2024, customers purchased $92,800 of gift cards, and $50,400 of the revenue from gift card sales was to be recorded by the end of the year.

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To record the transactions for Marin Stores in 2023 and 2024 1 In 2023 Gas Bar Sales and Issuance of ... View the full answer