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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Cost of common stock equity Ross Textiles wishes to measure its cost of common stock equity....

Mechanical Engineering
1.2K views

A zero-momentum spin stabilized satellite has a momentum wheel spinning at 5000 rpm. The angular momentum...

Advance Math
1.2K views

1. Let g(s) = ? s. Find a simple function f so that f(g(s)) =...

Basic Math
1.2K views

10pt A person is standing on the ground and looking up at a statue that...

Algebra
1.2K views

F IF B 4 Graphing Quadratic Functions Zb 1 Which parabola has an axis of...

Accounting
1.2K views

The Munchkin Theater is a nonprofit organization devoted to staging plays...

Accounting
1.2K views

.Deferred revenue is revenue that is

Accounting
1.2K views

Under its executive stock option plan, National Corporation granted 15 million options on January 1,...

Accounting
1.2K views

You have to buy a new copier. The cost of the copier is $2,000, plus...

Accounting
1.2K views

El 31 de diciembre de 2018, Spearmint, Inc., emiti $450,000 del 9 por ciento, bonos...

Accounting
1.2K views

! Required information [The following information applies to the questions displayed below.] WeDeliver Incorporated is...

Finance
1.2K views

Morgan Jennings, a geography professor, invests $81,000 in a parcel of land that is expected...