Required information (The following information applies to the questions displayed below] CI sells a Grandpa...
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Required information (The following information applies to the questions displayed below] CI sells a Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume G grandfather clock for $11,000 cash plus 4 percent sales tax. The clock had originally cost GCI $7000. Show the accounting equation effects and prepare the journal entries relat a perpetual inventory system. ed to this transaction. Assume GCI uses
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