Manual Current Attempt in Progress excel Con ccess lons Waterway Windows manufactures and sells custom storm windows for three-season porches. Waterway 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. Waterway 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 Waterway to do th installation. Waterway 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 $570. The customer pays Waterway $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, Waterway completes Installation on October 15, 2020, and the customer pays the balance due ences korations PLUS Support - Your answer is partially correct Waterway 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 Waterway in 2020. Credit account titles are automatically indented when the amount sentered. Do not inder manual no entry is required, select "No entry for the account titles and enter for the amounts Round answer to decimal places, 5.125) Date Debit Credit Account Account Titles and Explanation Norry 1.2000 (To record contract entered into .2, 2020 o Cash X + 49/assignments/3112849 o entry is required, select "No entry for the account titles and enter for the amounts. Round answer to 0 decimal places, eg. 5.125.) Debit Credit Date Jul 1, 2020 Account Titles and Explanation No Entry : No Entry (To record contract entered into) Cash Sep. 1. 2020 1960 Accounts Receivable Uneared Service Revenu Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Cash Oct 15, 20200 Uneared Service Revenue Service Revenue I Accounts Recolvable (To record payment received) e Textbook and Media List of Accounts X + 28849/assignments/3112849 - Your answer is partially correct. Given uncertainty of finding skilled labor, Waterway is unable to develop a reliable estimate for the standalone selling price of the installation Prepare the journal entries for Waterway 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) Debit Credit Date Sep. 1, 2020 : Account Titles and Explanation Cash Accounts Receivable Unearned Service Revenue Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Cash Oct. 15.20200 Ureamed Service Revenue Service Revenue To record payment received) e Textbook and Media List of Accounts MacBook Air Manual Current Attempt in Progress excel Con ccess lons Waterway Windows manufactures and sells custom storm windows for three-season porches. Waterway 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. Waterway 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 Waterway to do th installation. Waterway 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 $570. The customer pays Waterway $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, Waterway completes Installation on October 15, 2020, and the customer pays the balance due ences korations PLUS Support - Your answer is partially correct Waterway 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 Waterway in 2020. Credit account titles are automatically indented when the amount sentered. Do not inder manual no entry is required, select "No entry for the account titles and enter for the amounts Round answer to decimal places, 5.125) Date Debit Credit Account Account Titles and Explanation Norry 1.2000 (To record contract entered into .2, 2020 o Cash X + 49/assignments/3112849 o entry is required, select "No entry for the account titles and enter for the amounts. Round answer to 0 decimal places, eg. 5.125.) Debit Credit Date Jul 1, 2020 Account Titles and Explanation No Entry : No Entry (To record contract entered into) Cash Sep. 1. 2020 1960 Accounts Receivable Uneared Service Revenu Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Cash Oct 15, 20200 Uneared Service Revenue Service Revenue I Accounts Recolvable (To record payment received) e Textbook and Media List of Accounts X + 28849/assignments/3112849 - Your answer is partially correct. Given uncertainty of finding skilled labor, Waterway is unable to develop a reliable estimate for the standalone selling price of the installation Prepare the journal entries for Waterway 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) Debit Credit Date Sep. 1, 2020 : Account Titles and Explanation Cash Accounts Receivable Unearned Service Revenue Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Cash Oct. 15.20200 Ureamed Service Revenue Service Revenue To record payment received) e Textbook and Media List of Accounts MacBook Air
