Journal entry worksheet Record the actual sales return of merchandise sold prior to 2024. Note: Enter debits before credits. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandtse 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 required" in the first account field. Show less A Journal entry worksheet (1) 2 (3) 6 Record the cost of merchandise returned for goods sold during 2024 . Noter Cnter debas beloce credith. Journal entry worksheet (1) 2 Record the adjusting entry for the estimated return of merchandise to inventory. Note: Enter debits before credits. 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 required" in the first account field. Show less A Journal entry worksheet 2 (5) 6 Record the actual sales return of merchandise sold during 2024. Noter Enter debits beforn credits. Prepare entries to (a) record actual retums in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold doring 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 joumal entry required" in the first account field. Show less A Journal entry worksheet (1.) 2. 3. (4) 6 Record the year-end adjusting entry for estimated roturns. Fotei friter debus before credis. Journal entry worksheet Record the cost of merchandise returned for goods sold prior to 2024 . Note: Enter debits before credits. Halifax Manufacturing allows its customers to return merchandise for any reason and recelve a credit to their accounts. All of Halifax's sates are for credit (no cash is collected at the time of sale). The compary began 2024 with a refund liability of $470.000. During 2024 Halifax sold merchandise on account for $13,200,000. Halifax's merchandise costs are 60% of merchandise selling price. Also during the yeac, customers returned $524,000 in sales for credit, with $289,000 of those being returns of merchandise sold prior to 2024. and the rest being merchandise sold during 2024 . 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 2024 of meichandise 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 liability after the adjusting entry is recorded? Complete this question by entering your answers in the tabs below. What is the amount of the year-end refund liability 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. Mote: If no entry is required for a transaction/event, select. "No journal entry required" in the first account field. Halifax Manufacturing allows its customers to return merchandise for any reason and receive a credit to their accounts. All of Halifax's sates are for credit (no cash is collected at the time of sate). The company began 2024 with a refund fiability of $470,000. During 2024 , Halifax sold merchandise on account for $13,200,000. Halifax's merchandise costs are 60% of merchandise selling price. Also during the year, customers retumed $524,000 in sales for credit, with $289,000 of those being returns of merchandise sold prior to 2024 . and the rest being merchandise sold during 2024. 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 retums 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 liability after the adjusting entry is recorded? Answer is not complete. Complete this question by entering your answers in the tabs below. Propare entries to (a) recost actual returns in 2024 of morchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024 ; and (c) adjust the refund bability to its appropriate balance at year end. Note: if no entry is repulred for a transaction/event, select "No foutnal intry required" in the firat account field
