Cycle Wholesaling sold merchandise on account, with terms 1/60, to Sarah's Cycles on February 1 for $1,150 (cost of goods sold of $675). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $180). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale Required: 1. to 3. Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. 4. Calculate the gross profit percentage for the sale to Sarah's Cycles. Complete this question by entering your answers in the tabs below. Req 1 to 3 Reg 4 Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. (If no entry required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Dato General Journal Debit Credit February 01 Accounts Receivable 1,150 Sales Revenue 1,150 1 2 February 01 675 Cost of Goods Sold Inventory 675 3 > February 09 228 Sales Revenue Accounts Receivable 228 4 February 09 Inventory 180 180 5 March 02 Cash 862 862 Hain Reg 4 > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 to 3 Req Calculate the gross profit percentage for the sale to Sarah's Cycles. (Round your answer to 1 decimal place.) Gross Profit Percentage 21.7 %