During 2024, its first year of operations, Hollis Industries recorded sales of $12,600,000 and experienced returns of $750,000. Cost of goods sold totaled $9,450,000 (75\% 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 outstending. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Journal entry worksheet During 2024, its first year of operations, Hollis Industries recorded sales of $12,600,000 and experienced returns of $750,000. Cost of goods sold totaied $9,450,000 (75\% 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 recelvable are outstanding Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet