Complete this question by entering your answers in the tabs below. What is the amount of the year-end refund liability after the adjusting entry is recorded? Journal entry worksheet Record the adjusting entry for the estimated returns of merchandise to inventory. Note: Enter debits before credits. Journal entry worksheet 1 2 3 6 Record the year-end adjusting entry for estimated returns. Note: Enter debits before credits. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a crec their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refu liability of $440,000. During 2024 , Halifax sold merchandise on account for $12,900,000. Halifax's merchandise costs are 65% merchandise selling price. Also during the year, customers returned $630,000 in sales for credit, with $347,000 of those being of merchandise sold prior to 2024 , and the rest being merchandise sold during 2024 . Sales returns, estimated to be 5% of sales recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the amount of the year-end refund liability after the adjusting entry is recorded? Answer is not complete. Complete this question by entering your answers in the tabs below