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What is the balance in the refund liability account

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Question - Rusty Hardware makes only cash sales. It began 2021 with a credit balance of $33,600 in the refund liability account. Sales during 2021 were $760,000. Rusty estimates that 5% of all sales will be returned. During 2021, customers returned merchandise for credit of $31,200 to their accounts. What is the balance in the refund liability account at the end of 2021?

Reference no: EM132669775

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