thelr accounts. All of Halifax's sales are for credit $($no cash is collected at the time of sale$).$ The company began $2024$ with a refund Hallfax Manufacturing allows its customers to return merchandise for any reason up to $90$ days after delivery and

recelve a credit to their accounts. All of Hallfax's sales are for credit $($no cash is collected at the time of sale$).$ The

company began $2024$ with a refund llability of $$340,000.$ During $2024,$ Hallfax sold merchandise on account for

$$11,900,000.$ Hallfax's merchandise costs are $65\%$ of merchandise selling price. Also during the year, customers

returned $$580,000$ in sales for credit, with $$321,000$ of those belng returns of merchandise sold prior to $2024,$ and the

rest being merchandise sold during $2024.$ Sales returns, estimated to be $5\%$ of sales, are recorded as an adjusting entry

at the end of the year.

Required:

Prepare entrles 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 Ilability to its approprlate

balance at year end.

What is the amount of the year$-$end refund Ilability after the adjusting entry is recorded?

Answer is not complete.

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?

Ending balance in refund liability

llability of $$340,000.$ During $2024,$ Hallfax sold merchandise on account for $$11,900,000.$ Hallfax's merchandise costs are $65\%$ of

merchandise selling price. Also during the year, customers returned $$580,000$ in sales for credit, with $$321,000$ of those being returns

of merchandise sold prlor to $2024,$ and the rest being merchandise sold during $2024.$ Sales returns, estimated to be $5\%$ of sales, are

recorded as an adjusting entry at the end of the year.

Required:

Prepare entrles 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 llability to Its approprlate balance at year end.

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.

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.