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Skysong Windows manufactures and sells custom storm windows for three - season porches. Skysong also provides installation service for the windows. The installation process does
Skysong Windows manufactures and sells custom storm windows for threeseason porches. Skysong 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.
Skysong enters into the following contract on July with a local homeowner. The customer purchases windows for a price of
$ and chooses Skysong to do the installation. Skysong charges the same price for the windows irrespective of whether it does the
installation or not. The installation service is estimated to have a standalone selling price of $ The customer pays Skysong $
which equals the standalone selling price of the windows, which have a cost of $ upon delivery and the remaining balance upon
installation of the windows. The windows are delivered on September Skysong completes installation on October
and the customer pays the balance due.
Prepare the journal entries for Skysong in 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. Round answer to O decimal places, eg
To record contract entered into
To record sales
To record cost of goods sold
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