Required informetion M10-2 Recording Sales and State Tax [LO 10-2] 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 $17,500 cash plus 6 percent sales tax. The clock had originally cost GCI $13,500. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system. M10-2 Part 2 2. Prepare the journal entries related for the above transactions. (If no entry is required for e transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet AB Record the sales revenue of $17,500 plus 6 percent sales tax. Note: Enter debits before credits. General Journal Debit Credit Transaction Record entry Clear entry View general journal