HW 068 with hints a Sad 1 1 E6-14 Analyzing and Recording Sales and Gross Profit with Sales Returns (LO 6-4, LO 6-6] 15 points Cycle Wholesaling sold merchandise on account with terms 1/60, to Sarah's Cycles on February 1 for $1.200 (cost of goods sold of $700) On February 9. Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $190) 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. eBook Complete this question by entering your answers in the tabs below. Print Reg 1 to 3 Req4 Bles Prepare the journal entry to record the sales, 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) View transaction line Journal entry worksheet 1 > Record the sales made by Cycle Wholesating on account, with terms 1/60, to Sarah's Cydes on February 1 for $1.200. Prex Next > W 06B with hints saved 1 - Complete this question by entering your answers in the tabs below. Req 1 to 3 Req4 Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. (if no entry transaction/event, select "No Journal Entry Required" in the first account field.) eBook View transaction list Hint Journal entry worksheet Print 1 2 References Record the sales made by Cycle Wholesaling on account, with terms n/60, to Sarah's Cycles on February 1 for $1,200. Note: Enter debits before credits Date February 01 General Journal Debit Credit Record entry Clear entry View general journal Me Prev 1 of 5 Next > HW 068 with hints 1 1 E6-14 Analyzing and Recording Sales and Gross Profit with Sales Returns [LO 6-4, LO 6-6) 15 ponts Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah's Cycles on February 1 for $1.200 (cost of goods sold of $700). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $190) Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sole. Required: 1. to 3. Preoare 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. Print Reg 1 to 3 Reg4 Calculate the grow profit percentage for the sale to Sarah's cydes (Round your answer to 1 decimal place)