Question

During 2013, its first year of operations, Hollis Industriesrecorded sales of $10,600,000 and experienced returns of $720,000.Cost of goods sold totaled $6,360,000 (60% of sales). The companyestimates that 8% of all sales will be returned.

 

Prepare the year-end adjusting journal entries to account foranticipated sales returns. (If no entry is required for aparticular event, select “No journal entry required” in the firstaccount field.)

 

 

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