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 $1,000 (cost of goods sold of $600). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $150). 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. Req 1 to 3 Req4 Prepare the journal entries to record the sale on February 1, goods returned on February 9, and cash collected on March 2. required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > Record the sales on account of $1,000 with terms n/60. Note: Enter debits before credits. General Journal Debit Credit Date February 01 Record entry Clear entry View general journal Journal entry worksheet Record the sales returned of $250. Note: Enter debits before credits. General Journal Debit Credit Date February 09 Record entry Clear entry View general Journal Journal entry worksheet Record the cost of the sales returned of $150. Note: Enter debits before credits. General Journal Debit Credit Date February 09 Record entry Clear entry View general journal Journal entry worksheet Record receipt of payment for sales on account. Note: Enter debits before credits. Gen Journ: Debit Credit Date March 02 Record entry Clear entry View general Journal 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 %