Current Attempt in Progress Kingbird Windows manufactures and sells custom storm windows for three-season porches. Kingbird 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. Kingbird enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,340 and chooses Kingbird to do the installation. Kingbird charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Kingbird $1,960 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Kingbird completes installation on October 15, 2020, and the customer pays the balance due. (a) Your answer is correct. Kingbird 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 Kingbird 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 annuerto decimal Jul 1, 2020 V No Entry 0 No Entry (To record contract entered into) Sep 1, 2020 V Cash . 1960 Accounts Receivable 380 Unearned Service Revenue Sales Revenue (To record sales) Cost of Goods Sold 1100 Inventory (To record cost of goods sold) (To record cost of goods sold) Oct. 15, 2020 Cash 380 Unearned Service Revenue 470 Service Revenue Accounts Receivable (To record payment received) e Textbook and Media (b) Given uncertainty of finding skilled labor, Kingbird is unable to develop a reliable estimate for the standalone selling price of the installation Prepare the journal entries for Kingbird 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.) Date Account Titles and Explanation Debit Credit (To record sales) ch (To record sales) (Te record cost of goods sold) (To record payment received)