s CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 18-11 Monty Windows manufactures and sells custom storm windows for three-season porches. Monty 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. Monty enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,370 and chooses Monty to do the installation. Monty charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Monty $2,050 (which equals the standalone selling price of the windows, which have a cost of $1,140) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Monty completes installation on October 15, 2020, and the customer pays the balance due. Your answer is partially correct. Try again. Monty estimates the standalone selling price of the Installation based on an estimated cost of $420 plus a margin of 30% on cost. Prepare the journal entries for Monty 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 for the amounts. Round answer to decimal places, ... 5,125.) Date Account Titles and Explanation Debit Credit Jul 1, 2020 No Entry No Entry (To record contract entered into) Sep 1, 2020 Cash 2050 Accounts Receivable 327 Sales Revenue 1967 711! 12 Given uncertainty of finding skilled labor, Monty is unable to develop a reliable estimate for the standalone selling price of the installation Prepare the journal entries for Monty in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, sele entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) JOU