Show Attempt History Current Attempt in Progress Kingbird Windows manufactures and sells custom storm windows for three-season porches. Kingbird 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. Kingbird enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,370 and chooses Kingbird to do the installation. Kingbird charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Kingbird $1,920 (which equals the standalone selling price of the windows, which have a cost of $1,120) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Kingbird completes installation on October 15, 2020. and the customer pays the balance due. Your answer is partially correct. 1 1 Kingbird estimates the standalone selling price of the installation based on an estimated cost of $420 plus a margin of 30% on cost Prepare the journal entries for Kingbird in 2020. (Credit account tites 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. Round answer to O decimal places, eg: 5,125.) Date Account Titles and Explanation Debit Cre Jul. 1. 2020 No Entry No Entry (To record contract entered into) Sep. 1.2020 Cash 1920 Accounts Receivable Unearned Service Revenue Given uncertainty of finding skilled labor, Kingbird is unable to develop a reliable estimate for the standalone selling price of the installation Prepare the journal entries for Kingbird 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 for the amounts.) Date Account Titles and Explanation Debit (To record sales)