Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $650 (cost of goods sold of $420 ). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was \$105). 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. Prepare the joumal entries to recard 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 Joumal Entry Required" in the first account field.) Journal entry worksheet Recard the cost of goods sold of $420. Note: Enter dehits before credits. E6-14 (Algo) Analyzing and Recording Sales and Gross Profit with Sales Returns [LO 6-4, LO 6-6] Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $650 (cost of goods sold of $420 ). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was \$105). 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. Calculate the gross profit percentage for the sale to Sarah's Cycles. (Round your answer to 1 decimal place.) Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $650 (cost of goods sold of $420 ), On February 9, Sarah's Cycles refurned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was \$105). 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. 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 transactionvevent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record receipt of payment for sales on account. Note: Lnder debots bulore credes. Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $650 (cost of goods sold of $420 ) On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $105 ). 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. 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.) Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $650 (cost of goods sold of $420 ), On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $105 ). 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. Prepare the journal entries to record the sale on February 1, goods retumed 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.) Journal entry worksheet 5 Record the sales returned of $163. Note: Enter debits befcre credits. Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $650 (cost of goods sold of $420 ). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was \$105). 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. Prepare the journal entries to record the sale on February 1, goods retumed on February 9, and cash collected on March 2. (If no entry is required for a transaction/event, select "No Jourhal Entry Required" in the first account field.) Journal entry worksheet