M10-2 (Algo) Recording Sales and State Tax [LO 10-2] [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCl sells a grandfather clock for $15,000 cash plus 3 percent sales tax. The clock had originally cost GCI $11,000. Assume GCl uses a perpetual inventory system. M10-2 (Algo) Part 1 1. Indicate the effects of the amounts for the obove transoctions. (Enter any decreases to assets, liabilities, or stoekholders equity with e minus sign.) 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the sales revenue of $15,000 plus 3 percent sales tax. Note: Enter debits before credits. 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet