During the months of January and February, Solitare Corporation sold goods to three customers. The sequence of events was as follows: Jan. 6 Sold goods for $100 to Wizard Inc. with terms 2/10,n/30; goods cost Solitare \$70 6 Sold goods to SpyderCorp. for $80 with terms 2/10,n/30; goods cost Solitare $60 14 Collected cash due from Wizard Inc. Feb. 2 Collected cash due from Spydercorp 28 Sold goods for $50 to Bridges with terms 2/10,n/45; goods cost Solitare $30 Required: Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended February 28. Cycle Wholesaling sells merchandise on credit terms of 2/10,n/30. A sale for $800 (cost of goods sold of $500 ) was made to Sarah's Cycles on February 1. Assume Cycle Wholesaling uses a perpetual inventory system. Required: 1. Prepare the journal entry Cycle Wholesaling would make to record the sale to Sarah's Cycles. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. 1 Record the sales revenue 2 Record the Cost of Goods Sold 2. Prepare the journal entry to record the collection of the account, assuming it was collected in full on February 9 . (If no entry is equired for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. 3. Prepare the journal entry, assuming, instead, that the account was collected in full 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 Note: Enter debits before credits. 4. Calculate the gross profit percentage for the sale to Sarah's Cycles, assuming the account was collected in full on February 9 (use Net Sales). (Round your answer to 1 decimal place.)