Cycle Wholesaling sold merchandise on account, with terms $\frac{n}{60},$ to Sarah's Cycles on Februa $$480).$ On February $9,$ Sarah's Cycles returned to Cycle Wholesaling one$-$quarter of the merch returned was $$120).$ Cycle Wholesaling uses a perpetual inventory system, and it allows return

Required:

to $3.$ Prepare the journal entries to record the sale on February $1,$ goods returned on Februa

Calculate the gross profit percentage for the sale to Sarah's Cycles.

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Req $1$ to $3$

Req $4$

Prepare the journal entries to record the sale on February $1,$ goods returned on February $9,$ and c required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

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$4$ of $10$

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