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. 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 Journal entry worksheet Record the sales revenue Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 2 Prepare the journal entry to record the collection of the account, assuming It was collected in full on February 9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction lat Journal entry worksheet Record the cash received on February 9. Note: Enter debits before credits Transaction General Journal Debit Credit 3. Prepare the journal entry, assuming. Instead, that the account was collected in full on March 2. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction lat Journal entry worksheet Record the receipt on account. Note: Enter debits before credits 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 decimal place.) Gross profit percentage