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Prepare the year end adjusting journal entries

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Reference no: EM131001461

1. During 2011, 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. 

Reference no: EM131001461

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