4 Cycle Wholesaling sells merchandise on credit terms of 2/10,n/30. A sale for $800 (cost of goods sold of $500) was made to Sarah's Cycles on February 1. Assume Cycle Wholesaling uses a perpetual inventory system, 5 points Required: 1. Prepare the journal entry Cycle Wholesaling would make to record the sale to Sarah's Cycles. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) eBook View transaction list Print References Journal entry worksheet 2 > Record the sales revenue Note Entier de bits before credit Transaction General Journal Debit Gredit a 4 Cycle Wholesaling sells merchandise on credit terms of 2/10,n/30. A sale for $800 (cost of goods sold of $500) was made to Sarah's Cycles on February 1. Assume Cycle Wholesaling uses a perpetual inventory system 5 points Required: 1. Prepare the journal entry Cycle Wholesaling would make to record the sale to Sarah's Cycles. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) eBook View transaction list Print References Journal entry worksheet 1 Record the cost of Goods Sold Note: Enter debits before credits General Journal Debit Credit Transaction b. 4 2. Prepare the journal entry to record the collection of the account, assuming it was collected in full on February 9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5 points View transaction list eBook Journal entry worksheet Print 1 > References Record the cash received on February 9. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 4 3. Prepare the journal entry, assuming, instead, that the account was collected in full on March 2 (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5 points View transaction list eBook Journal entry worksheet Print References Record the receipt on account. Note: Enter debits before credits Transaction General Joumai Debit Credit a Record entry Clear entry View general journal 4 Note: Enter debits before credits. Transaction General Joumal Debit Credit a. 5 points eBook Print References Record entry Clear entry View general journal 4. Calculate the gross profit percentage for the sale to Sarah's Cycles, assuming the account was collected in full on February 9 (use Net Sales), (Round your answer to 1 decimal place) Gross profit percentage %