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Business, 14.11.2019 01:31 paigebmaxwell6062

During 2021, its first year of operations, hollis industries recorded sales of $10,600,000 and experienced returns of $720,000. cost of goods sold totaled $6,360,000 (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, assuming that all sales are made on credit and all accounts receivable are outstanding.

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