Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells o grandfather clock for $11,000 cash plus 4 percent sales tax. The clock had originally cost GCI $7,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCl uses a perpetual inventory system. M10-2 Part 1 assets, liabilities, or stockholders equity 1. Indicate the effects of the amounts for the above transactions (Enter any decreases with a minus sign.) Answer is complete but not entirely correct. Assets 11,000 7000) Lisbesties Sales Tax Payable 440 Stockholders' Equity Retained Earnings Retained Earnings 11,000 (1.000) Inventory - Estimated Returns X EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 Purchased merchandise on account at a cost of $17,500. (Assume a perpetual inventory system.) Jan. 17 Paid for the January 8 purchase. Apr. 1 Received $45,600 from National Bank after signing a 12-month, 9.5 percent, promissory note. June 3 Purchased merchandise on account at a cost of $21,500. July 5 Paid for the June 3 purchase. July 31 Rented out a small office in a building owned by EZ Curb Company and collected six months' rent in advance, amounting to $8,100. (Use an account called Deferred Revenue.) Dec. 20 collected $170 cash on account from a customer. Dec. 31 Determined that wages of $7,900 were earned but not yet paid on December 31 (Ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to rent. ces Required: 1. Prepare journal entries for each of the transactions through December 20. 2. Prepare any adjusting entries required on December 31. 3. Show how of the liabilities arising from these items are reported on the balance sheet at December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries for each of the transactions through December 20. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet NO Debit Credit Date January 08 General Journal No Journal Entry Required January 17 Accounts Payable Cash Required 2 > EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 Purchased merchandise on account at a cost of $17,500. (Assume a perpetual inventory system.) Jan. 17 Paid for the January 8 purchase. Apr. 1 Received $45,600 from National Bank after signing a 12-month, 9.5 percent. promissory note. June 3 Purchased merchandise on account at a cost of $21,500. July 5 Paid for the June 3 purchase. July 31 Rented out a small office in a building owned by EZ Curb Company and collected six months' rent in advance, amounting to $8,100. (Use an account called Deferred Revenue.) Dec. 20 collected $170 cash on account from a customer Dec. 31 Determined that wages of $7,900 were earned but not yet paid on December 31 (Ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to rent. Required: 1. Prepare journal entries for each of the transactions through December 20. 2. Prepare any adjusting entries required on December 31. 3. Show ho all of the liabilities arising from these items are reported on the balance sheet at December 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare any adjusting entries required on December 31. (Do not round Intermediate calculations. 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 1 2 3 Record the wages earned, but not yet paid as of December 31. No bore credits Debit Credit December 31 EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 Purchased merchandise on account at a cost of $17,500. (Assume a perpetual inventory system.) Jan. 17 Paid for the January 8 purchase. Apr. 1 Received $45,600 from National Bank after signing a 12-month, 9.5 percent, promissory note. June 3 Purchased merchandise on account at a cost of $21,500. July 5 Paid for the June 3 purchase. July 31 Rented out a small office in a building owned by EZ Curb Company and collected six months' rent in advance, amounting to $8,100. (Use an account called Deferred Revenue.) Dec. 20 collected $170 cash on account from a customer. Dec. 31 Determined that wages of $7,900 were earned but not yet paid on December 31 (Ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to rent. Required: 1. Prepare journal entries for each of the transactions through December 20. 2. Prepare any adjusting entries required on December 31 3. Show host of the liabilities arising from these items are reported on the balance sheet at December 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Show how all of the abilities arising from these items are reported on the balance sheet at December 31. (Do not round Intermediate calculations.) EZ CURB COMPANY Balance Sheet (partial) At December 31