Sheffield Windows manufactures and sells custom storm windows for three-season porches. Sheffield 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. Sheffield enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,490 and chooses Sheffield to do the installation. Sheffield charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Sheffield $1,950 (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 September 1, 2020, Sheffield completes installation on October 15, 2020, and the customer pays the balance due.

Sheffield estimates the standalone selling price of the installation based on an estimated cost of $430 plus a margin of 10% on cost. Prepare the journal entries for Sheffield in 2020.

PLEASE PROVIDE CALCULATIONS

Date Account Titles and Explanation Debit Credit I> Jul 1, 2020 No Entry No Entry 0 (To record contract entered into) Sep. 1, 2020 Cash 1950 Accounts Receivable 540 Unearned Service Reve 478 2012 Sales Revenue (To record sales) Cost of Goods Sold bora ao como a 1110 1110 Inventory (To record cost of goods sold) Oct. 15, 2020 (Unearned Service Revenue 540 Cash 478 Service Revenue 540 Accounts Receivable 478