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Riverbed Windows manufactures and sells custom storm windows for three-season porches. Riverbed also provides installation service for the windows. The installation process does not involve
Riverbed Windows manufactures and sells custom storm windows for three-season porches. Riverbed 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. Riverbed enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,340 and chooses Riverbed to do the installation. Riverbed charges the same price for the windows irrespective of wher it does the installation or not. The customer pays Riverbed $1,960 (which equals the standalone selling price of the windows have a cost of $1,100 ) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Riverbed completes installation on October 15,2020 , and the customer pays the balance due. Given uncertainty of finding skilled labor, Riverbed is unable to develop a reliable estimate for the standalone selling price of the installation. Prepare the journal entries for Riverbed in 2020. (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 O for the amounts.) Date Riverbed Windows manufactures and sells custom storm windows for three-season porches. Riverbed 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. Riverbed enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,340 and chooses Riverbed to do the installation. Riverbed charges the same price for the windows irrespective of wher it does the installation or not. The customer pays Riverbed $1,960 (which equals the standalone selling price of the windows have a cost of $1,100 ) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Riverbed completes installation on October 15,2020 , and the customer pays the balance due. Given uncertainty of finding skilled labor, Riverbed is unable to develop a reliable estimate for the standalone selling price of the installation. Prepare the journal entries for Riverbed in 2020. (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 O for the amounts.) Date
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