24 Prepare journal entries

Required informotion [The following information apples to the questions displayed below] Grandpa Clocks, Incorporated (GCI), is a retaler of wall, mansle, and grandfather clocks. Assume GCI sells a grandfather clock for $18.000 cash plus 3 percent sales tax. The clock had originaly cost GCI $14.000. Assume GCI uses a perpetual imventory system 1. Indicate the effects of the amouns for the above transactions. (Enter ony decreases to ossets, liabilities, or stockholders equity with o minus sign.) Required information [The following information applies to the questions displayed below] Grandpa Clocks, Incorporated (GC), is a retailer of wall, mantle, and grandfather clocks. Assume GCl sells a grandfather clock for $18,000 cash plus 3 percent sales tax, The clock had originally cost GCI $14,000. Assume GCl uses a perpetual inventory system. - Prepare the journal entries related for the above transactions. (If no entry is required for o tronsaction/event, select "No Journo Entry Required" in the first occount field.) Journal entry worksheet Fiecord the sales revenue of $18,000 plus 3 percent sales tax. Nicte: Enter debits betore crodits. 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transoction/event, select "No Journe Entry Required" in the first occount field.) Journal entry worksheet Note: Enter debits before credits