Business, 07.05.2020 09:59, lilyclairehutson

Rusty Hardware makes only cash sales. It began 2021 with a credit balance of $33,300 in the refund liability account. Sales during 2021 were $730,000. Rusty estimates that 5% of all sales will be returned. During 2021, customers returned merchandise for credit of $30,600 to their accounts. What is the balance in the refund liability account at the end of 2021?

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Rusty Hardware makes only cash sales. It began 2021 with a credit balance of $33,300 in the refund l...