Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Metlock Windows manufactures and sells custom stom windows for three-season porches. Metlock also provides installatin service for the windows. The installation process does not involve

image text in transcribed

Metlock Windows manufactures and sells custom stom windows for three-season porches. Metlock also provides installatin service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Metlock enters into the following contract on July 1, 2017, with a local horcowner. Thc customer purchases windows for a price of $2,410 and chooses Metlock to do the installation. Metlock charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Metlock 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 Septemher 1, 2017, Metilock completes installation on Octoher 15, 2017, and the customer pays the balance due. Your answer is partially correct. Try gain. Metlock estimates the standalone selling price of the installation based on an estimated cost of S410 plus a margin of 20% on cost. Prepare the journal entres for Metock in 2017 Credit account tites are automatically indented when the amount is entered. Do not indent manually. If no entry ls required, select No entry for the account titles and enter 0 for the amounts. Round answer to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit Jul. 1, 2017 No Entry No Entry (To record contract entered irto) Sep, 1, 2017 Cash 2,020 Accounts Receivable Uncarned Service Revenue 492 Sales Revenue 1938 To record sales) Cost of Gaods Sold 1,140 1,140 (To record cost of gcods sold) Oct. 15, 2017 Cash 410 Unearned Service Revenue 492 Service Revenue 492 Accounts Receivable 410

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Determine by direct integration the centroid of the area shown. sin

Answered: 1 week ago

Question

compute and interpret binomial probabilities.

Answered: 1 week ago