5-14 (Algo) Analyzing and Recording Sales and Gross Profit with Sales Returns (LO 6-4, LO 6) cle Wholesaling sold merchandise on account, with terms 1/60, to Sarah's Cycles on February 1 for $750 (cost of ods sold of $480). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from bruary 1 (cost of goods returned was $120). Cycle Wholesaling uses a perpetual inventory system, and it allows urns only within 15 days of initial sale, quired: 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. Reg 1 to 3 Reg 4 Prepare the journal entries to record the sale on February 1, goods returned on February 9, and cash collected on March 2. (If no equired for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 2 3 4 5 > Record the sales on account of $750 with terms n/60. Note: Enter debits before credits Date General Journal Debit Credit February 01 Journal entry worksheet Record the sales on account of $750 with terms n/60. Note: Enter debits before credits. General Journal Debit Credit Date February 01 Record entry Clear entry View general journal Journal entry worksheet Record the sales returned of $188. Note: Enter debits before credits. General Journal Debit Date February 09 Credit Record entry Clear entry View general journal Journal entry worksheet