Question: Rock Gasoline decided to implement a customer loyalty point program. For each litre of fuel sold, the customer earns one point. The points can be

Rock Gasoline decided to implement a customer loyalty point program. For each litre of fuel sold, the customer earns one point. The points can be accumulated and redeemed later for gas, products in the store, or a car wash. In May, Rock has sales of $61,000, which represents 48,900 litres. The fair value of all of the loyalty points awarded on these sales was $1,220. Required: Prepare the journal entry required to record the sales for May for Rock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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