oces During 2024, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $720,000. Cost of goods sold totaled $6,360,000 (60% of sales). The company estimates that 8% of all sales will be returned. Record the year-end adjusting journal entries to account for anticipated sales returns under the assumption that all sales are made for cash (no accounts receivable are outstanding). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet Record the anticipated sales returns. Note Enter debits before creats Transaction General Journal Debit Credit Inventory-estimated returns 128,000 Sales returns 848,000 Record the year-end adjusting journal entries to account for anticipated sales returns under the assumption that cash (no accounts receivable are outstanding). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fie... View transaction list Journal entry worksheet