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repare 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 transactionvevent, select "No journal entry required" in the first account fieid. Journal entry worksheet 3456 Record the actual sales returns of merchandise soid prior to 2024 . Wute: tomer detet before codes. 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? Halifax 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 Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $300,000. During 2024, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 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 merchandise that wos 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

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