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. Required: 1. to Record the entry for the sales, cost of goods sold and cash collected on February 3. 9 or March 2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) General Journal Credit No 1 Date February 01 Debit 800 X Inventory Accounts Receivable 800 February 01 500 Cost of Goods Sold Inventory 500 February 09 Cash Sales Discounts Accounts Receivable 784 16 800 March 02 800 Cash Accounts Receivable 800 Calculate the gross profit percentage for the sale to Sarah's Cycles, assuming the account was collected in full on February 9. (Round your answer to 1 decimal place.) Gross Profit Percentage 38.3 %