Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $900 (cost of goods sold of $550). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $140). 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 Req 1 to 3 Req 4 Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. (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 Goods returned by Sarah's Cycles on February 9 at $225 Note: Enter debits before credits. General Journal Debit Date Credit February 09 225 Supplies Accounts Receivable 225 Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $900 (cost of goods sold of $550). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $140). 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 Req 4 Calculate the gross profit percentage for the sale to Sarah's Cycles. (Round your answer to 1 decimal place.) Gross Profit Percentage X Req 4 Req 1 to 3 This is a numeric cell, so please enter numbers only