Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $20,000 cash plus 4 percent sales tax. The clock had originally cost GCI $16,000. Assume GCI uses a perpetual inventory system. M10-2 (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.) View transaction list Journal entry worksheet A B Record the sales revenue of $20,000 plus 4 percent sales tax. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

Grandpa Clocks, Incorporated (GCI), is a retaller of wall, mantle, and grandfather clocks. Assume GCl sells a grandfather clock for $20,000 cash plus 4 percent sales tax. The clock had originally cost GCl$16,000. Assume GCl uses a perpetual inventory system. 110-2 (Algo) Part 2 Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journa Entry Required" in the first account field.) Journal entry worksheet Record the sales revenue of $20,000 plus 4 percent sales tax. Note: Enter debits before credits