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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 $410,000. During 2021, Halifax sold merchandise on account for $13,500,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $532,000 in sales for credit with $294.000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 4% 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 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. 2. What is the amount of the year-end refund liability after the adjusting entry is recorded? erences ducation.com/flow/connect.html Check my work mode : This shows what is correct or incorrect for the work you have completed so for. It repare entries to (a) record actual 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. (I 70 entry is required for a transaction/event, select "No journal entry required in the first account field.) Credit No 1 Year 2021 General Journal Refund liability Accounts receivable Debit 294,000 294,000 2021 Inventory 191,100 Inventory estimated returns 191,100 2021 238,000 Sales returns Accounts receivable 238,000 2021 Inventory Cost of goods sold 2021 8,000 Sales returns Refund liability 8,000 X 2021 5,200 % Inventory estimated returns Cost of goods sold 5,200 > dulty UI ST1000U. Uuring 2021. Halifax sold merchandise on account for $13,500.00 merchandise selling price. Also during the year, customers returned $532,000 in sale of merchandise sold prior to 2021, and the rest being merchandise sold during 2021.9 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 sold prior merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriat 2. What is the amount of the year-end refund liability after the adjusting entry is recorded & Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 21 What is the amount of the year-end refund liability after the adjusting entry is recorded? Ending balance in refund liability Required 1 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 $410,000. During 2021, Halifax sold merchandise on account for $13,500,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $532,000 in sales for credit with $294.000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 4% 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 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. 2. What is the amount of the year-end refund liability after the adjusting entry is recorded? erences ducation.com/flow/connect.html Check my work mode : This shows what is correct or incorrect for the work you have completed so for. It repare entries to (a) record actual 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. (I 70 entry is required for a transaction/event, select "No journal entry required in the first account field.) Credit No 1 Year 2021 General Journal Refund liability Accounts receivable Debit 294,000 294,000 2021 Inventory 191,100 Inventory estimated returns 191,100 2021 238,000 Sales returns Accounts receivable 238,000 2021 Inventory Cost of goods sold 2021 8,000 Sales returns Refund liability 8,000 X 2021 5,200 % Inventory estimated returns Cost of goods sold 5,200 > dulty UI ST1000U. Uuring 2021. Halifax sold merchandise on account for $13,500.00 merchandise selling price. Also during the year, customers returned $532,000 in sale of merchandise sold prior to 2021, and the rest being merchandise sold during 2021.9 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 sold prior merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriat 2. What is the amount of the year-end refund liability after the adjusting entry is recorded & Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 21 What is the amount of the year-end refund liability after the adjusting entry is recorded? Ending balance in refund liability Required 1