Business, 02.03.2020 21:48 babyduckies37

During 2018, its first year of operations, Hollis Industries recorded sales of $10,300,000 and experienced returns of $850,000. Cost of goods sold totaled $6,180,000 (60% of sales). The company estimates that 10% 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Record the anticipated sales returns. Record estimated return of inventory.

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During 2018, its first year of operations, Hollis Industries recorded sales of $10,300,000 and exper...

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