Grandpa Clocks, Incorporated (GCl), is a retailer 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, 10-2 (Algo) Part 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.) Journal entry worksheet Record the sales revenue of $20,000 plus 4 percent sales tax, Note; Enter debits before credits: Journal entry worksheet Record the cost of goods sold of $16,000. Note: Enter debits before credits