1 Record the Sales made by Cycle Wholesaling on account, with terms n/60, to Sarah's Cycles on February 1 for $1,150. Record the Cost of Goods sold by Cycle Wholesaling on account, with terms n/60, to Sarah's Cycles at $675. 3 Record the Goods returned by Sarah's Cycles on February 9 at $288. 4 Record the Cost of Goods returned by Sarah's Cycles at $180. 5 Record the receipt of cash from Sarah's Cycles at $862. Note : = journal entry has been entered Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $1,150 (cost of goods sold of $675). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $180). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale. Required: 1. to 3. Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. 4. Calculate the gross profit percentage for the sale to Sarah's Cycles. Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit February 01 No Transaction Recorded February 01 No Transaction Recorded