Martz SA has a customer loyalty program that rewards a customer with 1 customer loyalty point for
Question:
Instructions
a. Determine the transaction price for the product and the customer loyalty points.
b. Prepare the journal entries to record the sale of the product and related points on July 2, 2019.
c. At the end of the first reporting period (July 31, 2019), 10,000 loyalty points are redeemed. Martz continues to expect 25,000 loyalty points to be redeemed in total. Determine the amount of loyalty point revenue to be recognized at July 31, 2019.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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