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Indicate the effects of the amounts for the transactions

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Question - Grandpa Clocks, Inc. (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $18,000 cash plus 3 percent sales tax. The clock had originally cost GCI $14,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system. Indicate the effects of the amounts for the above transactions.

Reference no: EM133014426

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