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

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Metlock Windows manufactures and sells custom storm windows for three-season porches Metlock also provides installation service for the windows. The installation process does not imvolve changes in the windows, so this service can be performed by other vendors Metlock enters into the following contract on July 1, 2020, witha local homeowner. The customer purchases windows for a price of 52.520 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 $2.040 (which equals the standalone selling price of the windows, which have a cost of $1,110 ) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on 5 eptember 1. 2020, Metlock completes installation on October 15,2020 , and the cuntomer pays the balance due Your anwer in partially cocrect Metlock estimates the standalone velling price of the installation based on an estimated cost of $430 plus a margin of 10%6 on cost. Prepare the journal entries for Metlock in 2020. (Credit occount titles ore automatically indented when the amount is entered. Do not indent manually If no entry is required, select "No entry" for the occount titles and enter O for the amounts. Round answer to O decimal ploces, es 5,125) (To record contract entered into) Accounts Recerivable Unearned Service Revenue Sales Reveniue. (To record sales) Cost of Coods Sold Iriventory Question 2 of 5 2.04/5 Cort of Coods Sold Ifrentiry (To record cost of goods sold) Unearmed Service Revenue Service Revenue Accounts Recrivable (To record payment received) (To record sales)

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