Grandpa Clocks, Incorporated (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. 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 Grandpa Clocks, Incorporated (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. 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 A B Record the sales revenue of $11,500 plus 6 percent sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Grandpa Clocks, Incorporated (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. Assume GCI uses a perpetual inventory system. 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 A B Record the cost of goods sold of $7,500. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit