Grandpa Clocks, Incorporated $($GCI$),$ is a retailer of wall, mantle, and grandfather clocks. Assume $GCl$ sells a grandfather clock for $$19,500$ cash plus $4$ percent sales tax. The clock had originally cost GCI$$15,500.$ Assume $GCl$ uses a perpetual inventory system.

M$10-2($Algo$)$ Part $2$

$2.$ 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.$)$

A Record the sales revenue of $$19,500$ plus $4$ percent sales tax.

B Record the cost of goods sold of $$15,500.$