Question: Skysong Stores started a customer loyalty program at the beginning of 2023 inwhich customers making cash purchases of gasoline at Skysong Gas Bars are issued

Skysong Stores started a customer loyalty programSkysong Stores started a customer loyalty program
Skysong Stores started a customer loyalty program at the beginning of 2023 inwhich customers making cash purchases of gasoline at Skysong Gas Bars are issued rewards in the form of grocery coupons. For each litre of gasoline purchased, the customer gets a grocery coupon for 3.00 cents that can be redeemed in Skysong Food Stores. The coupons have no expiry date. Skysong Stores began selling gift cards in 2024 that do not have expiry dates. The following are selected transactions in 2023 and 2024 1. In 2023, the Gas Bars sold 3.00 million litres of gasoline resulting in gas sales of $3,600,000. Grocery coupons were issued with these sales. The expected redemption rate for the grocery coupons is 79%. 2. In 2023, customers redeemed $49,800 of the grocery coupons in the Food Stores. 3. In 2024, the Gas Bars sold 4.40 million litres of gasoline resulting in gas sales of $5,720,000. Grocery coupons were issued with these sales. The expected redemption rate for the grocery coupons is 74%. 4, In 2024, customers redeemed $57,700 of the grocery coupons in the Food Stores. 5. In 2024, customers purchased $90,400 of gift cards, and $49,200 of the revenue from gift card sales was to be recorded by the end of the vear. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5275. Do not round intermediate calculations.) Date Account Titles Debit Credit 2023 2024 [Received cash in advance from customer.) (To record redemption of gift cards.)

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