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

Required information [The following information applies to the questions displayed below.) 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 $14,500 cash plus 4 percent sales tax. The clock had originally cost Heines $10.500. 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 inventory 10.500