Cycle Wholesaling sold merchandise on account, with terms $\frac{n}{60},$ to Sarah's Cycles on February $1$ for $$300($cost of goods sold of $$240).$ On February $9,$ Sarah's Cycles returned to Cycle Wholesaling one$-$quarter of the merchandise from February $1($cost

$0\mathrm{.}76$

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Print of goods returned was $$60).$ Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within $15$ days of initial sale.

Required:

to $3.$ Prepare the journal entries to record the sale on February $1,$ goods returned on February $9,$ and cash collected on March $2.$

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

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Req $1$ to $3$

Prepare the journal entries to record the sale on February $1,$ goods returned on February: required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account fie

Journal entry worksheet

$1$

$2$

$3$

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$5$

Record the sales on account of $$300$ with terms $\frac{n}{60}.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$February $01,,,],[,,,],[,,,],[,,,],[,,,]]$