Old MathJax webview

Current Attempt in Progress Kingbird Windows manufactures and sells custom storm windows for three-season porches. Kingbird also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Kingbird enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,340 and chooses Kingbird to do the installation. Kingbird charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Kingbird $1,960 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Kingbird completes installation on October 15, 2020, and the customer pays the balance due. (a) Kingbird estimates the standalone selling price of the installation based on an estimated cost of $410 plus a margin of 20% on cost. Prepare the journal entries for Kingbird in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answer to O decimal places, eg. 5,125.) Date Account Titles and Explanation Debit Credit te Account Titles and Explanation Debit Credit 20 V No Entry 0 No Entry 0 (To record contract entered into) 2020 (To record sales) DE a 38F (To record sales) (To record cost of goods sold) (To record payment received)