M10-2 (Algo) Recording Sales and State Tax [LO 10-2] [The following information applies to the questions displayed below] Grandpa Clocks, Incorporated (GCl), is a retaller of wall, mantle, and grandfother clocks. Assume GCi sells a grandfother clock for $19,000 cash plus 5 percent sales tax. The clock had originally cost GCI $15,000. Assume GCl uses a perpetual inventory system. 110-2 (Algo) Part 2 2. Prepare the journal entries related for the above transactions. IIf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) A. Record the sales revenue of $19,000 plus 5 percent sales taxi D. Record the cost of goods sold of $15,000. Note i (- = joumal entry has been entered Required information M10-2 (Algo) Recording Sales and State Tax [LO 10-2] [The following information applies to the questions displayed below] Grandpa Clocks, incorporated (GCl), is a retaller of wall, mantle, and grandfather clocics. Assume GCl sells a grandfather clock for $19,000 cash plus 5 percent sales tax. The clock had originally cost GCl$15,000. Assume GCl uses a perpetual inventory system. M10-2 (Algo) Part 1 1. Indicate the effects of the amvounts for the above transactions. (Enter any decreases to assets, llabilities, or stochholders equity with a minus sign.) M10-6 (Algo) Recording Notes Payable [LO 10-2] [The following information applies to the questions displayod below.] Greener Pestures Corporation borrowed $1,600,000 on November 1, 2021. The note carried a 12 percent interest rate with the principol and interest payable on June 1,2022 . (a) The note issued on November 1 . (B) The interest accuval on December 31 M10.6 (Algo) Part 1 1. Wndicate the effects of the amounts for the above transactions. (Enter any decreases to assets, Habilities, of stochholders equity With a minus sign, Do not round intermediate calculations.) M10-6 (Algo) Recording Notes Payable [LO 10-2] [The following information applies to the questions displayed below] Greener Pastures Corporation borrowed $1,600,000 on November 1,2021 . The note carried a 12 percent interest rate with the principal and interest poyable on June 1, 2022. (b) The note issued on November 1 . (b) The interest accrual on December 31. M10.6 (Algo) Part 2 2. Prepare the joumal entiles reloted for the above tonsoctions. (If no entry is required for a transaction/event, seloct "No Journal Entry Required" in the first account fleld. Do not round intermediate calculations.) 1 Greener Pastures Corporation borrowed $1,600,000 on November 1, 2021. The note camed a 12 percent interest rate with the principal and interest payable on June 1, 2022. Record the borrowing of $1,600,000. 2 Greener Pastures Corporation borrowed $1,600,000 on November 1, 2021. The note carried a 12 percent interest rate with the principel and interest payable on June 1, 2022. Recors the interest acerued on the notes perrable
