On May 1, a retail store purchased $3,000 worth of product from a supplier on account. A portion of the goods was defective so on May 5, the retail store returned 10% of the product. Which of the following journal entries should the retail store prepare to record the transaction on May 5? a) Debit accounts payable $300, credit inventory $300 b) Debit accounts payable $2,700, credit cash $2,700 c) Debit cash $2,700, debit inventory $300, credit accounts payable $3,000 d) Debit accounts payable $3,000, credit cash $2,700, credit cost of goods sold $300