Business, 08.11.2019 22:31 kkiop1891

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 the 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 $10,600,000 and exper...

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