4 5 pos 1999 P Cycle Wholesaling sold merchandise on account, with terms n60, to Sarah's Cycles on February 1 for $350 (cost of goods sold of $280). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1cost of goods retumed was $70). 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 entries to record the sale on February 1, 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. Reto 3 Ne4 Calculate the gross profit percentage for the sale to Sarah's Cycles (Round your answer to 1 decimal) Ones P Partage % Help Save & Exit Submit Check my wirk