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I need help on the last 2 entries and the ending balance refund liability

Exercise 7-8 (Algo) Sales returns (LU7-4] 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 $12,600,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $491,000 in sales for credit, with $271,000 of those being returns 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 ed 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 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? 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 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 field.) No Credit Year 2021 General Journal Refund liability Accounts receivable Debit 271,000 271,000 General Journal Credit Debit 271,000 2021 Refund liability Accounts receivable 271,000 2021 176,150 3.33 awarded Inventory Inventory-estimated returns 176.150 re 2021 220,000 Sales returns Accounts receivable 220,000 2021 143,000 Inventory Cost of goods sold 143,000 2021 13.000 X Sales returns Refund liability 13.000 X 2021 9.100 Inventory-estimated returns Cost of goods sold 9,100 Required 2 >

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