Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $13,500 cash plus 4 percent sales tax. The clock had originally cost GCI $9,500. 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.)