4 Required information The following information applies to the questions displayed below) Part 2 of 2 Grandpa Clocks, Inc. (GC), is a retaller of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $11,500 cash plus 6 percent sales tax. The clock had originally cost GCI $7,500. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system. 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.) Journal entry worksheet Record the sales revenue of $11,500 plus 6 percent sales tax