Heines Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $11,500 cash plus 6 percent sales tax. The clock had originally cost Heines $7,500. Assume Heines uses a perpetual inventory system.

1. Required information

1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign.)

Asssets= Liabilities + SE