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$[$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 $$11,000$ cash plus $4$ percent sales tax. The clock had originally cost $GCl$$$7,000.$ Assume $GCl$ uses a perpetual

inventory system.

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

A

B

Record the sales revenue of $$11,000$ plus $4$ percent sales tax.

Note: Enter debits before credits.