Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $ 10,000 cash plus 4 percent sales tax. The clock had originally cost Ahlers $ 6,000. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume Ahlers uses a perpetual inventory system, as explained in Chapter 6.
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