Problem 6-4 (Algo) Performance obligations; customer options for additional goods and services [LO6-2, 64,65] Supply Club, Incorporated, sells a varlety of paper products, office supples, and other products used by businesses and Individual consumers. During July 2024, it started a loyalty program through which qualifylng customers can accumulate points and redeem those points for discounts on future purchases. Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club estimates a 60% probability that any point Issued will be redeemed for the discount. During July 2021 , the company redeemed 10,600 points and sold additional product of $132,500, so it recorded $143,100 of revenue. The aggregate stand-alone selling price of the purchased products is $143,100. Elghty percent of sales were cash sales, and the remainder were credit sales. Required: 1. \& 2. Prepare Supply Club's journal entry to record July and August sales. During August, customers redeem loyalty points on $63,600 of merchandise. Seventy-five percent of those sales were for cash, and the remainder were credit sales. Note: Do not round Intermedlate calculations. If no entry is required for a transactlon/event, select "No Journal entry required" In the first account field. Journal entry worksheet Note: Enter debits before credits