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question heines clocks is a retailer of wall mantle andgrandfather clocks and is loc 4279600

 

Question

Heines Clocks is a retailer of wall, mantle, andgrandfather clocks and is located in the Empire Mall in SiouxFalls, South Dakota. Assume that a grandfather clock was sold for$20,000 cash plus 4 percent sales tax. The clock had originallycost Heines $16,000. Assume Heines uses a perpetual inventorysystem.

 

Indicate the effects of the amounts for the above transactions.(Enter any decreases to account balances with a minussign.)

 

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 accountfield.)

Indicate the effects of the amounts for the above transactions.(Enter any decreases to account balances with a minussign.)

 

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 accountfield.)

 

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