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 (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 Reg 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 transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Date February 01 1 900 Accounts Receivable Sales Revenue 900 2 February 01 Cost of Goods Sold Inventory 550 550 3 February 09 225 Sales Revenue Accounts Receivable 225 4 February 09 140 Inventory Cost of Goods Sold 140 5 March 02 675 Cash Accounts Receivable 675 Record the Sales made by Cycle Wholesaling on account, with terms n/60, to Sarah's Cycles on February 1 for $900. Record the Cost of Goods sold by Cycle Wholesaling on account, with terms n/60, to Sarah's Cycles at $550. 3 Record the Goods returned by Sarah's Cycles on February 9 at $225. Record the Cost of Goods returned by Sarah's Cycles at $140. Record the receipt of cash from Sarah's Cycles at $675. 4. Calculate the gross profit percentage for the sale to Sarah's Cycles Complete this question by entering your answers in the tabs below. Reg 1 to 3 Reg 4 Calculate the gross profit percentage for the sale to Sarah's Cycles. (Round your answer to 1 decimal place.) Gross Profit Percentage %