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 is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list X x X 1 Record the sales revenue 2 Record the Cost of Goods Sold Credit 11: Next equired for transaction event, select No journal entry required in the first account red.) View transaction list X 1 Record the cash received on February 9. Credit Note : journal entry has been entered View general journal Clear entry 3. Prepare the journal entry, assuming. Instead, that the account was collected in full on March 2. (If no en transaction/event, select "No journal entry required" in the first account field.) View transaction list X 1 Record the receipt on account. Credit 4 of 4 inurnal entry has been entered Prey 4 Book Note : journal entry has been entered rences Record entry Clear entry View genera uma 4. Calculate the gross profit percentage for the sale to Sarah's Cycles, assuming the account was collected in tull on Februay Net Sales). (Round your answer to 1 decimal place.) 96 Gross profit percentage