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Required information M10-2 (Algo) Recording Sales and State Tax [LO 10-2] (The following information epplies to the querrions dispinyed beiow) Grandpo Clocks, Incorporated (GCl), is a retallec of wall, mantle, and granofather clocks. Assume GCi sels a grandlather clock for $14,000 cash plus 4 percent sales tax. The clock had originally cost 6Ci$10,000. Assume 6Ci uses a perpetual inventory system. M10-2 (Algo) Part 1 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, llablilties, or stockhoiders equify with a minus signy 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 grandlather clocks. Assume GCi sells a grandfather clock for $14,000 cash plus 4 percent sales tax. The clock had originally cost GCI $10,000. Assume GCl uses a perpetual inventory system. M10-2 (Algo) Part 2 . 2. Prepare the journal entries related for the above transoctions. (if no entry is required for a transaction/event, select "No Journal Entry Required* in the first account field.) 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

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