part number 4 listed below

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 $440,000. During 2021, Halifax sold merchandise on account for $12,900,000. Halifax's merchandise costs Is 65% of merchandise selling price. Also during the year, customers returned $630,000 In sales for credit, with $347,000 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 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? x Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Year General Journal Debit Credit 2021 Refund liability 347,000 Accounts receivable 347,000 2021 Inventory 225,550 Inventory-estimated returns 225,550 3 2021 Sales returns 283,000 Accounts receivable 283,000 2021 Inventory 174,850 x Cost of goods sold 174,850 x 5 2021 Sales returns 269,000 Refund liability 269,000 6 2021 Inventory-estimated returns 174,850 Cost of goods sold 174,850Journal entry worksheet