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Rusty Hardware makes only cash sales. It began 2021 with a credit balance of $32,000 in the refund liability account Sales during 2021 were $600,000.

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Rusty Hardware makes only cash sales. It began 2021 with a credit balance of $32,000 in the refund liability account Sales during 2021 were $600,000. Rusty estimates that 6% of all sales will be returned. During 2021, customers returned merchandise for credit of $28,000 to their accounts What is the balance in the refund liability account at the end of 2021? 30-27

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