One-stop money for cash or debit card purchases

Assignment Help Financial Accounting

Reference no: EM13912145

One-Stop Department Store has a loyalty program where customers are given One-Stop “Money” for cash or debit card purchases. The amount they receive is equal to 2% of the pre-tax sales total. Customers can use the One-Stop Money to pay for part or all of their next purchase at One-Stop Department Store. On July 3, 2014, Judy Wishloff purchases merchandise for $200. She uses $30 of One-Stop Money that she has from earlier purchases, and pays for the rest of the purchase with cash. What entries will One-Stop Department Store record for this transaction? Ignore taxes.(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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

July 3

(To record sales and the redemption of rewards.)

July 3

(To record the estimated rewards that will be redeemed.)

Reference no: EM13912145

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