On May 3, merchandise with a selling price of $ 880 was returned by Valez The goods had a cost of $ 580 and they were restored to inventory (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 880 May 3 Sales Returns and Allowances 880 Accounts Receivable (To record sales returns) 580 May 3 Inventory 580 Cost of Goods Sold (To record cost of goods returned) Record the following transactions on the books of Springfield Ltd, which uses a perpetual inventory system. Springfield's expected rate of return on sales is 4%. (a) (b) Your answer is partially correct. On May 3, merchandise with a selling price of $ 880 was returned by Vitez. The goods had a cost of $ 580 and they were restored to inventory (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (b) Your answer is partially correct. On May 3, merchandise with a selling price of $ 880 was returned by Valez. The goods had a cost of $ 580 and they were restored to inventory (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit May 3 Sales Returns and Allowances Credit 880 Accounts Receivable 880 (To record sales returns) May 3 Inventory 580 Cost of Goods Sold 580 (To record cost of goods returned)