ces 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 $400 (cost of goods sold of $300). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $75). 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 Req 4 Calculate the gross profit percentage for the sale to Sarah's Cycles. (Round your answer to 1 decimal place.) Gross Profit Percentage % < Req 1 to 3 Req 4 >

ces 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 $400 (cost of goods sold of $300). On February 9, Sarah's Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $75). 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 Req 4 Calculate the gross profit percentage for the sale to Sarah's Cycles. (Round your answer to 1 decimal place.) Gross Profit Percentage % < Req 1 to 3 Req 4 >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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