Halifax Manufacturing allows its customers to return merchandise for any reason 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 liability of $400,000. During 2024. Halifax sold merchandise on account for $13,400,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers retumed $661,000 in sales for credit, with $365,000 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 saies, are recorded as an adjusting entry at the end of the yoar. Required: 1. 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. 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 journal entry requ fed" in the first account field. Show less 4 Journal entry worksheet 456 Record the cost of merchandise returned for goods sold prior to 2024. Note: Enter debits before credits. Journal entry worksheet 6 Record the actual sales retum of merchandise sold during 2024. Note: Enter debits before credits. Journal entry worksheet Record the cost of merchandise retumed for goods sold during 2024. Buote Eriter deraus budort cresdec. Journal entry worksheet