Exercise 10-8 Loyalty program journal entries, balance sheet impact LO2 Real People Sporting (RPS) Co op introduced a loyalty program in 2020. Every customer who signed up would receive 3% of their total purchases as a cheque, each February for the previous year , that could be used in-store on any merchandise within the next nine months Customers could look online during the year and check their balance at any time. Laura signed up for the program in 2020, when she purchased a keyak in July for $1.000 Later, in September, she purchased a mountain bike for $2,000 In March 2021, she purchased a paddle board for $1,900 and used her cheque toward the purchase Required: .. Prepare the journal entries for RPS Co-op for each of the transactions in July 2020. September 2020, and March 2021 View transaction list Journal entry worksheet 2 3 > Record the sale of kayak and loyalty points. Noter Enter debits before credits General Journal Debit Credit Date Jul 2020 Note: Enter debits before credits. Date General Joumal Debit Credit Jul, 2020 Record entry Clear entry View general Journal b. In 2020 RPS Co-op had a total of $422.000 in sales to customers who hod signed up with the loyalty program What is the amour of liability that would be created by these soles? (Round the final answer to the nearest whole dollar amount.) Amount of liability