Concord Windows manufactures and sells custom storm windows for enclosed porches. Concord also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Concord enters into the following contract on June 1, 2021, with a local homeowner. The customer purchases windows for a price of $4,920 and chooses Concord to do the installation. Concord charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $1,080. The customer pays Concord $4,320 (which equals the fair value of the windows, which have a cost of $2,000) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2021, Concord completes installation on September 15, 2021, and the customer pays the balance due. (Round amounts to nearest dollar.)

Prepare the journal entries for Concord in 2021.

Date Account Titles and Explanation Debit Cred