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Halifax Manufacturing allows its customers to return merchandise for any reason up to 9 0 days after delivery and receive a credit to their accounts.

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 2024 with a refund merchandise selling price. Also during the year, customers returned $368,000 in sales of merchandise sold prior to 2024, and the rest being merchandise sold during recorded as an adjusting entry at the end of the year.
Required:
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 balarce at year
What is the amount of the year-end refund liability after the adjusting entry is recorded?
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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.
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