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During 2024, its first year of operations. Hollis industries recorded sales of $10,500,000 and explenienced rerurns of $720.000. Cost of goods sold totaled $6,360.000 (6096 of sales). The company estimates that 8% of ail sales wit be returned Prepare the yeat-end adiusting journal entries to account for anticipsted sales returns under the assumption that al saies afe made for cash (no accounts receivable are outstanding). Note: If no entry ls required for a transectlonievent, select "No Journal entry required" in the first account field. Journal entry worksheet Mecord the anticipated sales returns. Dueing:2024. Its first yeac of operations, Holls industries tecorded sales of $10,600,000 and expenienced returns of $720,000. Cost of goods sold totaled 56.360.000 (605 of sales). The company estimates that b5, of all sales wil be retirned Prepare the yearend adjusting journal entries to account foe anticipated saies returns undec the assimption that ail saies aie made for cash (no accounts teceivable are ounstandingl. Note: If no entry is fequired for e transectionievent, seiect "No journal entry requlred" In the first account fleid. Journal entry worksheet Gacord eabinated retuin of inventory