Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $1,200 (cost of goods sold of $700). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $175). 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 entries to record the sale on February 1, 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. ces Req 1 to 3 Req 4 Prepare the journal entries to record the sale on February 1, 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 < 12 3 5 Record receipt of payment for sales on account. Note: Enter debits before credits. Date March 02 General Journal Debit Credit