Bianca Company has a business unit that sells clothes. It offers its customers the option to collect

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Bianca Company has a business unit that sells clothes. It offers its customers the option to collect points. For every $10 spent, they collect 5 points. For every 50 points, the customers can redeem a gift that costs the company $10 and has a retail price of $15.
	You have the following additional information about 2022:
		Total sales		4,850,000
		% of points expected to be redeemed		68%
		Number of gifts actually redeemed		3500
*Required-*
Prepare the journal entries related to this loyalty program in 2022. Assume IFRS.

Related Book For answer-question

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Intermediate Accounting

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Posted Date: Dec 12, 2022 07:54 AM

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