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Question - Jet Fuel Ltd. has a customer rewards program. For every litre of gas Jet Fuel sells, the customer is awarded one point. Each point is worth $0.10 off the purchase of future goods.
During the month of January, Jet Fuel had gas sales of $172,000 and sold 144,000 litres of gas. Jet Fuel estimates 60% of the points will be redeemed. During February, the actual value of the points redeemed is $7,250.
Instructions -
a) Prepare the journal entry for the January sales.
b) Prepare the journal entry for February reflecting the actual loyalty points redemption.
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