Required information [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated ( GCl ), 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. 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.) Record the sales revenue of $11,000 plus 4 percent sales tax. B Record the cost of goods sold of $7,000