Exercise 18-11 Concord Windows manufactures and sells custom storm windows for three-season porches. Concord 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. Concord enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,280 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 customer pays Concord $1,980 (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, Concord completes installation on October 15, 2020, and the customer pays the balance due. your answer is partially correct. Try again. Concord estimates the standalone selling price of the installation based on an estimated cost of $400 plus a margin of 10% on cost. Prepare the journal entries for Concord 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.) Account Titles and Explanation Jul 1, 2020 No Entry No Entry (To record contract entered into) Date Debit Credit Sep 1, 2020 Cash 1980 300 Accounts Receivable Unearned Service R 383 1897 Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) 1140 1140 Oct. 15, 2020 Cash 300 383 Unearned Service Reve SP- Service Revenue 383 i 300 Accounts Receivable (To record payment received) Given uncertainty of finding skilled labor, Concord is unable to develop a reliable estimate for the standalone selling price of the installation Prepare the journal entries for Concord 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.) Account Titles and Explanation Sep 1, 2020 Date Debit Credit TO THE (To record sales) (To record cost of goods sold) Oct 15, 2020 (To record payment received) Click if you would like to show Work for this question: Open Show Work