Halifax Manufoctyring allows As customers to retum merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. Al of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $410 , 000 . During 2024, Halifax sold merchandise on account for $12 , 600 , 000 . Halfax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $491 , 000 in sales for credi, with $271 , 000 of those being refurns 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 (0) record actual retums in 2024 of merchandise that was sold prior to 2024 ; (0) record actual refurns in 2024 of merchandise that was sold during 2024 ; and ( c ) adjust the refund lisbility to its appropriate balance at year end. 2. What is the amoun of the year-end refund lablity aher 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 thot was sold prior to 2024 ) (b) record actual refurns in 2024 of merchandise that nas sold during 2024] and (c) adjust the refund liablity to its appropriate balance of year end.. Note: If no entry is required for a transactionvevem, select "No Joumal entry required" in the firs account field. 1. Prepare entries to (a) record actual refurns in 2024 of merchandise that was sold prior to 2024; (b) record actual refurns in 2 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. 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field Journal entry worksheet Record the cost of merchandise returned for goods sold prior to 2024. Note: Enter debits before credits. of merchandise that was'sold during 2024 2. What is the amount of the year-end refund liabilty aher the adjusting entry is recorded? Complete this question by entering your answers in the tabs below. Prepare entries to (b) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returms in 2024 of merchandise that was sold during 2024; and ( c ) adjust the refund lablity to its appropilate bolance at year end. Note. If no entry is required for a transaction/event, select "No journal entry requichd in the firit account field. Journal entry worksheet 1. Prepare entries to (a) record actual refurns in 2024 of merchgndise that was sold prior to 2024, (b) record actuai refurns 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 yearend refund lisbity after the adjusting entry is recorded? Complete this question by entering your answers in the tabs below. Prepore entries to (a) record octual retums in 2024 of merchandive 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 baiance at year end Note: It no entry is required for a transaction/event, select "No joumal entry hequered" in the first account field Journal entry worksheet 4 ? 2 ? 3 ? Note t ane detute lotire credila 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 liablity 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. Prepare entnes 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 ehtry is required for a transoction/event, select "No Joumal entry requiled in the first account field. Journal entry worksheet Kute fnower tefils befare cuedts. Pequired: 1. Prepare entries to (b) record 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 liability to its appropriate balance at year end 2. What is the amount of the yearend refund liability after the adjusting entry is recorded? Complete this question by entering your answers in the tabs below. Prepare entries to (o) record actual retums in 2024 of merchandise that was sold prior to 2024 ; (b) record sctual returns in 2024 of merchandise that was sold during 2024; and ( c ) adjust the refund liabily to its approprlate balance at year end. Note: If no entry is required for a transactionvevent, select "Wo journal entry required" in the firt account field. Journal entry worksheet
