first one asks for anticipated sales returns and second one asks for return of inventory

During 2024, its firstyeac of operations. Hollis Industies recorded sales of $11,500,000 and experienced refurns of $700,000 Cost of goods sold totaled $6,900,000 (60\% of sales). The company estimates that 7% of all sales will be returned Prepare the yeaterd adjusting journal entries to account foc anticipated sales returns under the assumption that all sales are made for cash (no accounts teceivable nte outstanding). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 2