Halifax Manufacturing allows its customers to retum merchandise for any reason up to 90 days after dellvery and recelve a credit to thelr accounts. All of Halifax's sales are for credit (no cash is collected at the tume of sale). The company began 2024 with a refund liability of $340,000. During 2024, Hallfax sold merchandise on account for $11,600,000. Hallfax's merchandise costs are 75% of merchandise selling price. Also durling the year, customers returned $575,000 In sales for credlt, with $319,000 of those belng returns of merchandise sold prior to 2024 , and the rest belng merchandise sold during 2024 . Sales returns, estlmated to be 5% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entrles 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 llability to Its approprlate balance at year end. 2 What is the amount of the year-end refund liability after the adjusting entry is recorded? 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? Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after dellvery and recelve a credit to thelr accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $340,000. During 2024 , Halffax sold merchandise on account for $11,600,000. Hallfax's merchandise costs are 75% of merchandise selling price. Also during the year, customers returned $575,000 in sales for credlt, with $319,000 of those belng returns of merchandise sold prior to 2024, and the rest belng merchandise sold during 2024 . Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entrles 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 durling 2024; and (c) adjust the refund llability to Its approprlate balance at year end. 2 What is the amount of the year-end refund liability after the adjusting entry is recorded? Complete this question by entering your answers in the tabs below. 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 joumal 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 recelve a credit to 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 refund llability of $340,000. During 2024 , Hallfax sold merchandise on account for $11,600,000. Hallfax's merchandise costs are 75% of merchandise selling price. Also durling the year, customers returned $575,000 In sales for credit, with $319,000 of those being returns of merchandise sold prior to 2024 , and the rest being merchandise sold during 2024 . Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entrles 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 durling 2024; and (c) adjust the refund llability to Its approprlate balance at year end. 2 What is the amount of the year-end refund liablity after the adjusting entry is recorded? Complete this question by entering your answers in the tabs below. 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 joumal entry required" in the first account field. Journal entry worksheet