Shediac Bay Marina Had a Customer Loyalty Program at Its

question 43

Multiple Choice

Shediac Bay Marina had a customer loyalty program at its gas dock. For every litre of gasoline purchased, the customer would get a redemption award of $.015 which can be used to purchase products in the company's retail marine store. In July, the company sold 100,500 litres of gasoline.
-The entry to record the liability for the July sales would a $______ credit to ________.

• A) $1,507.50; Redemption Reward Liability
• B) $1,507.50; Sales Discounts
• C) $1507.50; Cash
• D) $3,015; Cash

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Definitions:

AV Node

The Atrioventricular Node, a critical component of the heart's electrical system, responsible for controlling the timing of heart muscle contractions.

Bundle of His

A group of specialized heart muscle cells that are designed for electrical signaling, responsible for carrying impulses from the AV node to the heart's ventricles.

Pulmonic Valve

The heart valve that separates the right ventricle from the pulmonary artery and regulates blood flow to the lungs.

Aortic Valve

A heart valve located between the left ventricle and the aorta that regulates blood flow from the heart into the aorta.