Waterway Windows manufactures and sells custom storm windows for three-season porches. Waterway 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. Waterway enters into the following non-cancellable contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $4,300 and chooses Waterway to do the installation. Waterway charges the same price for the windows regardless of whether it does the installation or not. The customer pays Waterway $3,528 (which equals the fair value of the windows, which 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, Waterway completes installation on October 15, 2020, and the customer pays the balance due. Perform step 4 of the five-step process for revenue recognition. Prepare the journal entries for Waterway on July 1, September 1, and October 15, 2020, assuming Waterway estimates the stand-alone value of the installation based on an estimated cost of $735 plus a margin of 20% on cost. (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. Round percentage allocations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date July 1, 2020 September 1, 2020 October 15, 2020 Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit Prepare the journal entries for Waterway on July 1, September 1, and October 15, 2020 given the uncertainty of finding skilled labour, Waterway is unable to develop a reliable estimate for the fair value of the installation. (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. Record journal entries in the order presented in the problem.) Date July 1, 2020 September 1, 2020 October 15, 2020 Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit List of Accounts Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Cash Commission Expense Commission Revenue Compensation Expense Consignment Sales Construction Expenses Contract Asset/Liability Cost of Goods Sold Estimated Inventory Returns Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss from Long-Term Contracts Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Rent Revenue Unearned Revenue Utilities Expense Warranty Expense Warranty Liability Assistance Used