Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive 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 2018 with a refund liability of $450,000. During 2018, Halifax sold merchandise on account for $13,000,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $514.000 in sales for credit with $283,000 of those being returns of merchandise sold prior to 2018, and the rest being merchandise sold during 2018 Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018: (b) record actual returns in 2018 of merchandise that was sold during 2018 and 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? Complete this question by entering your answers in the tabs bele Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018; (b) record actual returns in 2018 of merchandise that was sold during 2018; and (c) adjust the refund liability to its appropriate balance at year end. (If no entry is required for a transaction event, select "No journal entry required in the first account Field View transaction list Journal entry worksheet + Record the actual sales return of merchandise sold prior to 2018, Note Coter debits before credits Debit 2018 General Journal Refund Mabilly Accounts receive 4 B !!! Next > ACH Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive 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 2018 with a refund Bability of $450,000. During 2018. Halifax sold merchandise on account for $13,000,000. Halifax's merchandise costs it 65% of merchandise selling price Also during the year, customers returned $514,000 in sales for credit with $283 000 of those being returns of merchandise sold prior to 2018, and the rest being merchandise sold during 2018. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year Required: 1. Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018 (b) record actual returns in 2018 of merchandise that was sold during 2018; 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? Complete this question by entering your answers in the tabs Required 1 Required 2 Prepare entries to (a) record actual returns in 2018 of merchandise that was wold prior to 2018; (b) record actual returns in 2018 of merchandise that was sold during 2018; and (c) adjust the refund liability to its appropriate balance at year end. (If no entry is required for a transaction/event, select "No journal entry required in the first account field View transaction fist Journal entry worksheet Record the cost of merchandise returned for goods sold prior to 2018 Note Enter debitore credits Debit Credit General Journal inventory Inventorystimated returns Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit ino cash is collected at the time of sale). The company began 2018 with a refund liability of $450,000. During 2018, Halifax sold merchandise on account for $13,000,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $514,000 in sales for credit, with $283.000 of those being returns of merchandise sold prior to 2018, and the rest being merchandise sold during 2018. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year Required: 1. Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018: (b) record actual returns in 2018 of merchandise that was sold during 2018, 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? Complete this question by entering your answers in the tabs below. Lequired 1 Required 2 Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018; (b) record actual returns in 2018 of merchandise that was sold during 2018; and (c) adjust the refund ability to its appropriate balance a year end. (If no entry is required for a transactionyevent, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the actual sales return of merchandise sold during 2018. Note: Enter debts before credits General Journal Det 2018 Sales en Accounts receivabl 4 18! Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive 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 2018 with a refund liability of $450,000. During 2018, Halifax sold merchandise on account for $13.000.000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $514,000 in sales for credit, with $283,000 of those being returns of merchandise sold prior to 2018, and the rest being merchandise sold during 2018 Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year Required: 1. Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018; (b) record actual returns in 2018 of merchandise that was sold during 2018; 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018; (b) record actual returns in 2018 of merchandise that was sold during 2018; and (c) adjust the refund liability to its appropriate balance at year end. (If no entry is required for a transaction event, select "No journal entry required in the first account field View transaction list Journal entry worksheet Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive 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 2018 with a refund liability of $450,000. During 2018, Halifax sold merchandise on account for $13,000,000 Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $514,000 in sales for credit with $283.000 of those being returns of merchandise sold prior to 2018, and the rest being merchandise sold during 2018 Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018(b) record actual returns in 2018 of merchandise that was sold during 2018, 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018; (b) record actual returns in 2018 of merchandise that was sold during 2018; and (c) adjust the refund liability to its appropriate balance at year end. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for the estimated return of merchandise to Inventory. Note Enter debits before credits Year General Journal Debit Credit 2018 Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive 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 2018 with a refund liability of $450,000. During 2018, Halifax sold merchandise on account for $13,000,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned S514,000 in sales for credit, with $283,000 of those being returns of merchandise sold prior to 2018, and the rest being merchandise sold during 2018. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2018 of merchandise that was sold prior to 2018; (b) record actual returns in 2018 of merchandise that was sold during 2018, 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the amount of the year-end refund liability after the adjusting entry is recorded? Ending balance in refund liability