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Crane Windows manufactures and sells custom storm windows for three - season porches. Crane also provides installation service for the windows. The installation process does
Crane Windows manufactures and sells custom storm windows for threeseason 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 with a local homeowner. The customer purchases windows for a price of
$ 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 $ The customer pays Crane $
which equals the standalone selling price of the windows, which have a cost of $ upon delivery and the remaining balance upon
installation of the windows. The windows are delivered on September Crane completes installation on October and
the customer pays the balance due.
Prepare the journal entries for Crane in 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, eg
List all debit entries before credit entries. Record journal entries in the order presented in the problem. Do not round intermediate
calculations.
To record sales
To record cost of goods sold
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