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 $11,000 cash plus 4 percent sales tax. The clock had originally cost Heines $7,000. Assume Heines uses a perpetual inventory system.

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

ASSETS = Liabilities + Stockholders Equity

Assets_______Liabilities________Stockholders equity_______

Assets_______Liabilities________Stockholders equity_______