Heines Clocksis 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 $17,500 cash plus 6 percent sales tax. The clock had originally cost Heines $13,500. Assume Heines uses a perpetual inventory system.

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

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Required information

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Prepare the journal entries relatedfor the above transactions.(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)