Window cart gives two loyalty points for each dollar the customer spends in its store. During

a particular month, the total sales were $$65,000.$ Customers can redeem their loyalty points

in blocks of $1,000$ and for each block, they get a memory stick costing $$20.$ History reveals

that only $70\%$ of the customers redeem their points.

You are required to prepare necessary journal entries to show revenue & deferred liabilty.

Answer rating: 100% (QA)

To prepare the necessary journal entries to show revenue and deferred liability for the loyalty poin... View the full answer