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please show steps! thank you! Kieso, Intermediate Accounting, 16e INTERMEDIATE ACCOUNTING I,II,III (.) ctice Gradebook ORION Downloadable cTextbook ment CALCULATOR FULL SCREEN PRIN TER VE
please show steps! thank you!
Kieso, Intermediate Accounting, 16e INTERMEDIATE ACCOUNTING I,II,III (.) ctice Gradebook ORION Downloadable cTextbook ment CALCULATOR FULL SCREEN PRIN TER VE Exercise 18-10 Pina Windows manufactures and sells custom stonm windows for three-season porches. Pina 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. Pina enters into the following contract on luly 1, 2017, with a local homeowner. The customer purchases windows for a price of $2,510 and chooses Pina to do the installation. Pina charges the same price or the windows irrespective o whether it does the installation or not. The installation service s estimated to have a standalone selling price f 620 The customer pays Pina $1,970 (hich 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, 2017, Pina completes installation on October 15, 2017, and the customer pays the halance due. Prepare the joumal entries for Pina in 2017. (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.) Date Account Titles and Explanation Debit Credit Jul. 1, 2017 s Receivable (To record contract entered into) Sep. 1, 2017 197 counts Receivable 540 earned Service Revenue To record sales) t of Goods Sold Inventory (To record cost of goods sold)Step by Step Solution
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