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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 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 with a refund merchandise selling price. Also during the year, customers returned $ in sales of merchandise sold prior to and the rest being merchandise sold during recorded as an adjusting entry at the end of the year.
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Prepare entries to a record actual returns in of merchandise that was sold prior to ; b record actual returns in of merchandise that was sold during ; and adjust the refund liability to its appropriate balarce at year
What is the amount of the yearend refund liability after the adjusting entry is recorded?
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Prepare entries to a record actual returns in of merchandise that was sold prior to ; b record actual returns in of merchandise that was sold during ; and c adjust the refund liability to its appropriate balance at year end.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
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