Please don't provide solutions image based thanks 1Halifax Manufacturing allows its customers to return merchandise for any reason and receive a credit to their accounts. All of Halifax'ssales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $360,000. During2024, Halifax sold merchandise on account for $12,100,000. Halifax's merchandise costs are 70% of merchandise selling price. Alsoduring the year, customers returned $594,000 in sales for credit, with $328,000 of those being returns of merchandise sold prior to2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entryat the end of the year.NO3Required:1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024of 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?Answer is complete but not entirely correct.2456Complete this question by entering your answers in the tabs below.Required 1Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns inrear2024202420242024Required 220242024Refund liabilityAccounts receivableRequired 1InventoryInventory estimated returnsSales returnsAccounts receivableInventoryCost of goods soldSales returnsRefund liabilityGenerar JournalInventory-estimated returnsCost of goods soldRequired 2✓✔✓✓✔Ⓒ✔Ⓒ< Required 13033DODIE328,000229,600266,000✔✔186,200307,000 x214,900Grean328,000✔229,600266,000186,200Required:1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 20of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriat2. What is the amount of the year-end refund liability after the adjusting entry is recorded?307,000x214,900 xComplete this question by entering your answers in the tabs below.Answer is complete but not entirely correct.What is the amount of the year-end refund liability after the adjusting entry is recorded?Ending balance in refund liability$307,000 XRequired 2 >

Adjusting entries are accounting entries that are made at the end of an accounting period to update…

Halifax Manufacturing allows its customers to return merchandise for any reason 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 2024 with a refund liability of $360,000. During 2024, Halifax sold merchandise on account for $12,100,000. Halifax's merchandise costs are 70% of merchandise selling price. Also during the year, customers returned $594,000 in sales for credit, with $328,000 of those being 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: 1. 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. 2. 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 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 2024 with a refund liability of $360,000. During 2024, Halifax sold merchandise on account for $12,100,000. Halifax's merchandise costs are 70% of merchandise selling price. Also during the year, customers returned $594,000 in sales for credit, with $328,000 of those being 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: 1. 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. 2. What is the amount of the year-end refund liability after the adjusting entry is recorded?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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