E6-14 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 $300 (cost of goods sold of $250). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $45). Cycle Wholesaling uses a perpetual inventory system. 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. Hint: answer from the perspective of the seller. 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. Hint: answer from the perspective of the seller. 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