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Required information

M$10-2($Algo$)$ Recording Sales and State Tax $[$LO $10-2]$

$[$The following information applies to the questions displayed below.$]$

'Grandpa Clocks, Incorporated $($GCl$),$ is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $$13,000$ cash plus $5$ percent sales tax. The clock had originally cost $GCl$$$9,000.$ Assume $GCl$ uses a perpetual inventory system.

M$10-2($Algo$)$ Part $1$

Indicate the effects of the amounts for the above transactions. $($Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.$)$