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Halifax Msnufacturing allows its customers to return merchandise for any reasan up to 9 0 dsys sfter delvery and receive s credt to their accounts.
Halifax Msnufacturing allows its customers to return merchandise for any reasan up to dsys sfter delvery and receive s credt to their accounts. All of Halifax's soles are for crecit no cash is collected at the time of sole The compsny began whth a refund lisbilty of $ During Halifax sold merchsndise an account for $ Halifox's merchandlase costs are of merchandise selling price. Also during the year, customers returned $ soles for credt, with $ of those being returns of merchandlse sold priar to and the rest being merchand'se sold during Sales returna, eatimsted to be of asles, sre recorded as an adjusting entry at the end af the year
Required:
Prepare entries to a record actual retums in of merchand'se that was sald priar to ; b record actual returns in of merchand'se that was sold during ; snd c adjust the refund liablity to ts appropriate balance at year end.
What is the amount of the yearend refund libblity after the soljusting entry is recorded?
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Prepare entries to a record actual returns in of merchandiae that wos sold prior to ; b record actual returns in of merchandse that was sold during ; and c adjust the refund liablity to its appropriate balance at year end.
Note: If no entry is required for a transactionevent select No fournal entry required" in the first account field.
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