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3 of 20 Current Attempt in Progress -/15 1 Question List X Crane Windows manufactures and sells custom storm windows for three-season porches. Crane also
3 of 20 Current Attempt in Progress -/15 1 Question List X Crane Windows manufactures and sells custom storm windows for three-season porches. Crane 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 Crane enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2.470 and chooses Crane to do the installation Crane charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $500. The customer pays Crane $1,940 (which equals the standalone selling price of the windows, which have a cost of $1,0501 upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Crane completes installation on October 15, 2020, and the customer pays the balance due Prepare the journal entries for Crane 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 Odecimal places. 5.125) Date Account Titles and Explanation Debit Question 1 Question 21 +120 -120 Viewing Question 3 1/15 Question 4 Auning Mu 1/20 Question 5 15 Credit Question -15 Question 7 -120 (To record contract entered into) Question E 1/10 S
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