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 (GCi), is a retailer of wall, mantle, and grandfather clocks. 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. 110-2 (Algo) Part 2 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 $19,000 plus 5 percent sales tax. 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 $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. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.) Journal entry worksheet Record the cost of goods sold of $15,000