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Cycle Wholesaling sold merchandise on account, with terms nv60, to Sarah's Cycies on February 1...

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Accounting

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Cycle Wholesaling sold merchandise on account, with terms nv60, to Sarah's Cycies on February 1 for $1,000 (cost of goods sold of $620 ) On February 9 , Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 fcost of goods retumed was \$155, Cycle Wholesaling uses a perpetual imventory system, and it allows retums only wathin 15 days of initial salo. Required: 1. to 3. Prepare the joumal 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 so Sarah's Cycles. Complete this question by entering your answers in the tabs belew. Calculate the gross proft percentage for the sule to Surah's Cydes: (Round your answer to 1 decimat place.)

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