Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $350 (cost of goods sold of $275). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $55). 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 % Record the Sales made by Cycle Wholesaling on account, with terms n/60, to Sarah's Cycles on February 1 for $350. Note: Enter debits before credits. Date General Journal Debit Credit February 01