Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $1,050 (cost of goods sold of $625) was made to Sarahs Cycles on February 1. Assume Cycle Wholesaling uses a perpetual inventory system. Required: 1. to 3. Record the entry for sales, cost of goods sold and cash collected on February 9 and March 2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. Give the journal entry Cycle Wholesaling would make to record the sale to Sarah's Cycles. 2. Give the journal entry to record the collection of the account, assuming it was collected in full on Feb 9, 2010. 3. Give the journal entry, assuming, instead, that the account was collected in full on march 2, 2010. 4. Calculate the gross profit percentage for the sale to Sarah's Cycles, assuming the account was collected in full on Feb 9, 2010.