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During 2024, its first year of operations, Hollis Industries recorded sales of $11,900,000 and experienced...

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Accounting

During 2024, its first year of operations, Hollis Industries recorded sales of $11,900,000 and experienced returns of $760,000. Cost of
goods sold totaled $7,140,000(60% of sales). The company estimates that 8% of all sales will be returned.
Prepare the year-end adjusting journal entries to account for anticipated sales returns under the assumption that all sales are made for
cash (no accounts receivable are outstanding).
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Journal entry worksheet
1
Record estimated return of inventory.
Note: Enter debits before credits.
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