Cycle Wholesaling sells merchandise on credit terms of 2/10, 1/30. 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. Required: 1. Prepare the journal entry Cycle Wholesaling would make to record the sale to Sarah's Cycles. If no entry be required for a transaction'event, select "No Journal entry required" In the first account the ld.) View transaction list Journal entry worksheet Record the sales revenue Nale: Enle del Delare credik. Transaction General Journal Debit Credit Record entry Clear entry View general journal no entry la 2. Prepare the journal entry to record the collection of the account, assuming it was collected in full on February 9. required for a framaction/event, select "No Journal entry required" In the first account tle Icl.) View transaction list Journal entry worksheet Record the cash received on February 9. 3. Prepare the journal entry, assuming, instead, that the account was collected in full on March 2. I no entry be required for a tramactlon/event, select "No Journal entry required" In the first account tle Icl.) View transaction list Journal entry worksheet Record the receipt on account. Nale: Enter dedil Delare crediks. Transaction General Journal Debit Credit 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 clecimal place.) Gross profit percentage