Prepare the year end adjusting journal entries

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1.During 2013, 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. Prepare the year end adjusting journal entries to account for anticipated sales returns.

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