Brief Exercise 7-6 Sales returns [LO7-4] During 2018, Its first year of operations, Hollis Industries recorded sales of $10,000,000 and experienced returns of $730,000. Cost of goods sold totaled $6,500,000 (65% of sales). The company estimates that 9% of all sales will be returned. all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) Journal entry worksheet Record the anticipated sales returns. Event General Jou