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Check my wo 3 Journal entry worksheet 5 6 > 1 points Record the year-end adjusting entry for estimated returns. Bock Note: Enter debits before credits Paint General Journal Credit Year 2021 Debit 14.000 Herences Sales returns Refund liabety 14,000 Record entry Clear entry View general Journal m 1 3 Journal entry worksheet 6 pints Record the adjusting entry for the estimated return of merchandise to inventory otlook Hint Note: Enter debits before credits Print General Journal Debit Credit Year 2021 References Record entry Clear entry View general Journal Save Elt Submit Check my werk 3 Exercise 7-8 (Algo) Sales returns (LO7.4) oints Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery 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 2021 with a refund liability of $390,000. During 2021. Halifax sold merchandise on account for $12.800.000 Halifax's merchandise costs is 70% of merchandise selling price. Also during the year, customers returned $370,000 in sales for credit with $204,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021 Sales returns, estimated to be 3 of sales, are recorded as an adjusting entry at the end of the year Required: 1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021. (b) record actuat returns in 2021 of merchandise that was sold during 2021 and (c) adjust the refund liability to its appropriate balance of 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. Required 1 Required 2 Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021: (b) record actual returns in 2021 of marchandise that was all din 2021 and the mind liability to Amrita HAAR AA and inn