Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during 2016, its first year of operations, hollis

During 2016, its first year of operations, Hollis Industries recorded sales of $10,500,000 and experienced...

70.2K

Verified Solution

Question

Accounting

During 2016, its first year of operations, Hollis Industries recorded sales of $10,500,000 and experienced returns of $750,000. Cost of goods sold totaled $7,350,000 (70% of sales). The company estimates that 9% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding.

1.Record the anticipated sales returns.

2.Record estimated return of inventory.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

After identifying the conducting and respiratory zones, discuss the differences between internal and external respiration in...

Medical Sciences
Q

1. In the resting neuron what is true about the K+ gradient? 2. A graded potential causes...

Medical Sciences
Q

who is the truest mockingbird in \"To Kill a Mockingbird \"?

Civil Engineering
Q

Active transport requires energy.O TrueO False

Biology
Q

Factor the following polynomial completely x 4x 4 2

Algebra
Q

Which of the following is not an advantage of using a...

Accounting
Q

Handy Hardware is a retail hardware store. Information about the store's operations follows November 20x1...

Accounting
Q

13) Which of the following statements is true? (3pts) An expenditure relates to the establishment...

Accounting
Q

Based on the data presented, what is the times interest earned ratio (rounded to one...

Accounting
Q

Problem 8-17 Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] ...

Accounting
Q

Use the following selected accounts and amounts with normal balances from Andrea Company's adjusted trial...

Accounting
Q

What type of life insurance would be best for college students or bread winner of...

Finance