Business, 04.04.2020 13:04 merber00

During 2021, 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 under the assumption that all sales are made for cash (no accounts receivable are outstanding).

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During 2021, its first year of operations, Hollis Industries recorded sales of $10,500,000 and exper...

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