Heines Clocks is a retaller of wall, mantlie, and grandfsther clocks and is located in the Empire Mall In Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $12,500 cash plus 4 percent sales tax. The clock had originally cost Helines $8,500. Assume Heines uses a perpetual Inventory system, Section Break M10-2 Recording Sales and State Tax [LO 10-21 Require value 0.52 points M10-2 Part 1 1. Indicate the eflects of the amounts for the above transactions. (Enter any decreases toa balances with a minus sign.) Liabilities Assets M10-2 Part 2 2. Prepare the jounal entries related for the above transactions. (f no entry is required for a transactionlevent, select"No Journal Entry Required in the first account field) View transaction list Journal entry worksheet Record the sales revenue of $12,500 plus 4 percent sales tax. Note: Enter debits before credits Transaction General journal Debit Credit Record entry Clear entry View general journal References eBook & Resources M10-2 Part 2 2. Prepare the joumal entries related for the above transactions. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the cost of goods sold of $8,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal References eBook & Resources