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Problem 2 (11 points) Windsor Windows manufactures and sells custom storm windows for enclosed porches. Windsor also provides installation service for the windows. The installation
Problem 2 (11 points) Windsor Windows manufactures and sells custom storm windows for enclosed porches. Windsor also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Windsor enters into the following contract on June 1, 2021, with a local homeowner. The customer purchases windows from Windsor for a total price of $9,400 including the installation. Windsor charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $2,400 and the fair value of the windows is $8,000. The customer pays Windsor $8,000 upon delivery on August 1, 2021. The job is completed on September 15, 2021 and the remaining balance is paid by the customer. The cost of the windows to Windsor is $4,600. Required: Prepare the journal entries for Windsor in 2021 for the dates indicated below. If there is mo journal entry then indicate "No journal entry required." (Round amounts to nearest dollar.)
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