Ch 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 GCI sells a grandfather clock for $16,500 cash plus 4 percent sales tax. The clock had originally cost GCI $12,500. Assume GCI uses a perpetual inventory system. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Assets Liabilities Stockholders' Equity Cash 16,660 = = Supplies 12,500 + Sales Revenue 4,160 + 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 GCI sells a grandfather clock for $16,500 cash plus 4 percent sales tax. The clock had originally cost GCI $12,500. 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.) View transaction list Journal entry worksheet 73F Sunn