Halifax Msnufacturing allows its customers to return merchandise for any reasan up to $90$ 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 $2024$ whth a refund lisbilty of $$390,000.$ During $2024,$ Halifax sold merchsndise an account for $$12,400,000.$ Halifox's merchandlase costs are $65\%$ of merchandise selling price. Also during the year, customers returned $$368,000in$ soles for credt, with $$203,000$ of those being returns of merchandlse sold priar to $2024,$ and the rest being merchand'se sold during $2024.$ Sales returna, eatimsted to be $3\%$ of asles, sre recorded as an adjusting entry at the end af the year

Required:

Prepare entries to $($a$)$ record actual retums in $2024$ of merchand'se that was sald priar to $2024$ ; $($b$)$ record actual returns in $2024$ of merchand'se that was sold during $2024$; snd $($c$)$ adjust the refund liablity to ts appropriate balance at year end.

What is the amount of the year$-$end refund libblity after the soljusting entry is recorded?

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Prepare entries to $($a$)$ record actual returns in $2024$ of merchandiae that wos sold prior to $2024$; $($b$)$ record actual returns in $2024$ of merchandse that was sold during $2024$; and $($c$)$ adjust the refund liablity to its appropriate balance at year end.

Note: If no entry is required for a transaction$/$event$,$ select $"$No fournal entry required" in the first account field.

$\backslash$table$[[$No$,$Your,General Journal,Deblt,Cradit$],[1,2024,$Rafund liability,$203,0000,],[,,$Accounts rocolvabie $9,,203,000],[2,2024,$Invantary $\%,131,950$O$/,],[,,$Invertory$-$cetimatad maims,,$131,9000],[3,2024,$Saics roturns $\%,165,0009,],[,,$Accounts rocaivabia,,$165,000],[4,2024,$Invantary,$107,2500,],[,,$Cost of goods sold $\%,,107,2509],[5,2$n$24,$Saics roturns $6,258,000\backslash$times $,],[,,$Rastund liability,,$268\mathrm{.}000\%],[6,2024,$Invantary$-$estimatod notura $>,174,2009,],[,,$Cost of gooda sold $\%,,174,2006]]$