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Indicate the effects of the amounts for the transactions

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Question - Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $11,500 cash plus 6 percent sales tax. The clock had originally cost GCI $7,500. Assume GCI uses a perpetual inventory system. Indicate the effects of the amounts for the above transactions.

Reference no: EM133173551

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