Connect ecure https:/ewconnect.mhe connect.html ode: P5-4 Problem 5-4 Performance obligations; customer options for additional goods and services [LOS-2, 5-4, 5-5 Supply Club, Inc, sells a vaniety of paper products, office supples, and other products used by businesses and individual consumers Durg My 20 Itstaned a loyalty program through wrach qualifying customers can accumulate ponts and redeem nose points or discounts ontnre purchases Redempoon of a loyalty port reduces the pre or one Olar ortiture purchases by 20%easi to 20 cents) Customers do not eam addmonal loyalty points for purchases on which loyaity points are redeemed Based on past experience, Supply Cuted rates a 60% probabiltythat any pom ssued wl be redemned for the discount Dung Ny 20g, te comany records st61500 of revenue and awards 237,500 loyality points. The aggregate stand-alone selling price of the purchased products is $161500 Seventy-tive percent of sales were cash sales, and the remainder were credit sales Required 1. & 2. Prepare Supply Clubs journal entry to record July and August sales During August, customers redeem koyalty points on $114,000 of merchandise. Seventy-five percent of those sales were for cash, and the remainder were credit sales (Do not round intermediate calculations. Ir no entry is required foro particular transaction event, select-No)ournal ent y requierite ??? ces account fieldy Journal entry worksheet Racord the July sales