Surved Cycle Wholesaling sold merchandise on account with terms n/60, to Sarah's Cycles on February 1 for $1150 (cost of goods sold of 5675). On February 9. Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $1801 Cycle Wholesaling uses a perpetual inventory system and it allows returns only within 15 days of initial sole. 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. Real to 3 Reg 4 Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2t me entry is required for a transaction/event, select "No Journal Entry Required to the first account Held) View transaction filet Journal entry worksheet 2 3 Record the sales made by Cycle Wholesaling on account, with terms w/60, to Sarah's Cycles on February 1 for $1,150 Notente debit bereits Oute Canal Journal D. February 01 Fecord entry Cleary View journal