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Chapter 7 Exercises Saved Help Save & Exit Check my 4 Exercise 7-8 (Algo) Sales returns (L07-4) 5 points 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 2021 with a refund liability of $420,000. During 2021. Halifax sold merchandise on account for $12.700,000. Halifax's merchandise costs is 60% of merchandise selling price Also during the year, customers returned $619,000 in sales for credit, with $342,000 of those being returns of merchandise sold prior to 2021 and the rest being merchandise sold during 2021. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2021 of merchandise that was told prior to 202 (b) record actual returns in 2021 of merchandise that was sold during 2021 and (c) adjust the refund ability to its appropriate balance at year end. 2. What is the amount of the year-end refund ability after the adjusting entry is recorded? H Complete this question by entering your answers in the tabs below. Roces Required Required 2 Prepare entries to (a) record actuat returns in 2021 of merchandise that was sold prior to 2021: (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end. (If no entry is required for a transaction/event, volea "No Journal entry required in the first account field View trendiente Journal entry worksheet 1 2 3 5 0 Becord the actual sales return of merchandise sold prior to 2021 WOCHVITY Chapter 7 Exercises Saved Help 07 5 Exercise 7-11 (Algo) Uncollectible accounts; allowance method vs. direct write-off method [LO7-5, 7-6) 5 Boats Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $19,000 at the beginning of 2021 No previously written off accounts receivable were reinstated during 2021. At 12/312021. gross accounts receivable totaled $316,700, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 34,800, Required: 1. What was the balance in gross accounts receivable as of 12/312020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021 4. If Johnson instead used the direct wite off method, what would bad debt expense be for 20217 ebook Wafers Required: Required 2 Required 3 Required 4 What was the balance in gross accounts receivable as of 12/31/20207 Required 2)