FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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During 2024, 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 under the assumption that all sales are made for
cash (no accounts receivable are outstanding).
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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Transcribed Image Text:During 2024, 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 under the assumption that all sales are made for cash (no accounts receivable are outstanding). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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