! 3 Required information [The following information applies to the questions displayed below.] Part 1 of 2 Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $11,000 cash plus 4 percent sales tax. The clock had originally cost Heines $7,000. Assume Heines uses a perpetual inventory system. 2 points 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.) eBook Assets Liabilities Stockholders' Equity Print References 4 Required information [The following information applies to the questions displayed below.] Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $11,000 cash plus 4 percent sales tax. The clock had originally cost Heines $7,000. Assume Heines uses a perpetual inventory system. Part 2 of 2 2 points 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) eBook View transaction list Print Journal entry worksheet References Record the sales revenue of $11,000 plus 4 percent sales tax. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal 4 Required information [The following information applies to the questions displayed below.] Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $11,000 cash plus 4 percent sales tax. The clock had originally cost Heines $7,000. Assume Heines uses a perpetual inventory system. Part 2 of 2 2 points 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) eBook View transaction list Print Journal entry worksheet 1 2. > References Record the cost of goods sold of $7,000. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal