During 2018, Its first year of operations, Hollis Industries recorded sales of $10,800,000 and experlenced returns of $740,000. Cost of goods sold totaled $7020,000 (65% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting Journal entries to account for anticlpated sales returns under the assumption that all sales are made for cash (no accounts recelvable are outstanding). (If no entry Is required for a trensactlon/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 2 Record the anticipated sales returns Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general jourmal