A. record sales revenue of 16,500 plus 4 % sales tax

B. Record cost of goods sold 12,500

Required information [The following information applies to the questions displayed below] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCl sells a grandfather clock for $16,500 cash plus 4 percent sales tax. The clock had originally cost GCI $12,500. Assume GCl uses a perpetual inventory system. Prepare the joumal entries related for the above transactions. (If no entry is required for a transoction/event, select "No Journal Entry Required" in the first occount field.) Journal entry worksheet Record the sales revenue of $16,500 plus 4 percent sales tax. Nintmi Enter debits before credits