Read the following transactions on the book of sweetwater ltd., which uses a perpetual inventory system. Sweetwater's expected rate of return on sale is 4%

indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) On May 3 , merchandise with a selling price of $1,040 was returned by valez. The goods had a cost of $740 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 0 for the amounts.) Date Account Titles and Explanation Debit May 3 (To record sales returns) May 3 (To record cost of goods returned) On May 26, Valez paid its account. (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 0 for the amounts.)