Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP Pharoah Windows manufactures and sells custom storm windows for three - season porches. Pharo h also provides installation service for the windows. The

PLEASE HELP
Pharoah Windows manufactures and sells custom storm windows for three-season porches. Pharoh 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. Pharoah enters into the following contract on July 1,2025, with a local homeowner. The customer purchases windows for a price of $2,370 and chooses Pharoah to do the installation. Pharoah charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Pharoah $2,080(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 1,2025, Pharoah completes installation on October 15,2025, and the customer pays the balance due.
(a)
Your answer is partially correct.
Pharoah estimates the standalone selling price of the installation based on an estimated cost of $400 plus a margin of 30% on cost.
Prepare the journal entries for Pharoah in 2025.(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 0 for the amounts. Round answer to 0 decimal places, e.g.5,125. List all debit entries before credit entries. Record journal entries in the order presented in the problem. Do not round intermediate calculations.)
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

The Mcgraw Hill 36 Hour Course In Finance For Non Financial Managers

Authors: Robert Cooke

2nd Edition

0071425462, 978-0071425469

More Books

Students also viewed these Accounting questions

Question

2/5 + (- 1/5) Find the sum by hand.

Answered: 1 week ago

Question

How would we like to see ourselves?

Answered: 1 week ago