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Current Attempt in Progress Buffalo Windows manufactures and sells custom storm windows for three-season porches. Buffalo also provides installation service for windows. The installation process
Current Attempt in Progress Buffalo Windows manufactures and sells custom storm windows for three-season porches. Buffalo also provides installation service for windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Buffalo enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,410 and chooses Buffalo to do the installation. Buffalo charges the same price for the windows irrespective of whether it does the installation or i The customer pays Buffalo $2,020 (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, Buffalo completes installation on October 15, 2020, and the customer pays the balance due. (a) Buffalo 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 Buffalo 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 0 decimal places, e.g. 5,125.) Current Attempt in Progress Buffalo Windows manufactures and sells custom storm windows for three-season porches. Buffalo also provides installation service for windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Buffalo enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,410 and chooses Buffalo to do the installation. Buffalo charges the same price for the windows irrespective of whether it does the installation or i The customer pays Buffalo $2,020 (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, Buffalo completes installation on October 15, 2020, and the customer pays the balance due. (a) Buffalo 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 Buffalo 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 0 decimal places, e.g. 5,125.)
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