Grandpa Clocks, Inc. (GCI), is a retailer 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. M10-2 Part 1 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 L (7,500)| Journal entry worksheet Record the sales revenue of $11,500 plus 6 percent sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold of $7,500. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal