During 2018, its first year of operations, Hollis Industries recorded sales of $11,700,000 and experienced returns of $650,000. Cost of goods sold totaled $8,190,000 (70% of sales). The company estimates that 7% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the anticipated sales returns. Note: Enter debits before credits. General Journal Event Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet 1 2 Record estimated return of inventory. Note: Enter debits before credits Event General Journal Debit Credit 2 Record entry Clear entry View general journal