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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 $410,000. During 2021, Halifax sold merchandise on account for $13,500,000. Halifax's merchandise costs it 65 % of merchandise selling price. Also during the year, customers returned $532,000 in sales for credit, with $294,000 of those being return of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. 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 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandlse that was sold during 2021; 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 not complete. Complete this question by entering your answers in the tabs below. Required 2 Required 1 Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prlor to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) No Year General Journal Debit Credit Homework Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so for 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end no entry is required for a transaction/event, select "No journal entry requilred" in the first account field.) Year No General Journal Debit Credit Refund hability 2021 294,000 Accounts receivable 294,000 2 2021 Inventory 191,100 Inventory-estimated returns 191,100 2021 Sales returns 238,000 Accounts receivable 238,000 4 Inventory 2021 Cost of goods sold 5 Sales returns 2021 246,000 Refund liability 6 2021 Inventory-estimated returns 8,000 Cost of goods sold Required 2 2 N u ua uuupuaus yus n i s y Required: 1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021: (b) record actual returns in merchandise that was sold during 2021; 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? 2 points Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the amount of the year-end refund liability after the adjusting entry is recorded? Ending balance in refund liability