Required information The following information applies to the questions displayed below) Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle and grandfather clocks. Assume GCI sells a grandfather clock for $16.500 cash plus 4 percent sales Tax The clock had originally cost GCI $12.500 Show the accounting equation effects and prepare the journal entries related to this transaction Assume GC uses a perpetual Inventory system 1. Indicate the effects of the amounts for the above transactions (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign) Liabilities Sales Tax Payable Stockholders' Equity Sales Revence Cost of Goods Sold Inventos (12.500) Required information [The following information applies to the questions displayed below) Grandpa Clocks, Inc (GCI). Is a retailer of wall mantle, and grandfather clocks Assume GCI sells a grandfather clock for $16.500 cash plus 4 percent sales tax The clock had originally cost GCI $12,500 Show the accounting equation effects and prepare the journal entries related to this transaction Assume GCl uses a perpetual inventory system 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.) View transaction list > A Record the sales revenue of $16,500 plus 4 percent sales tax Record the cost of goods sold of $12,500