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Wildhorse Windows manufactures and sells custom storm windows for three-season porches. Wildhorse also provides installation service for the windows. The installation process does not involve

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Wildhorse Windows manufactures and sells custom storm windows for three-season porches. Wildhorse 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. Wildhorse enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,520 and chooses Wildhorse to do the installation. Wildhorse charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Wildhorse $2,050 (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, Wildhorse completes installation on October 15, 2020, and the customer pays the balance due. Wildhorse 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 Wildhorse 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. Round answer to decimal places, c.8. 5.125.) Date Debit Credit Account Titles and Explanation No Entry 0 Jul, 1.2020 No Entry (To record contract entered into) Sep. 1.2020 Cash 2050 Accounts Receivable Unearned Service Revenue Sales Revenue (To record sales) (To record cost of goods sold) Oct 15, 2020 Oct 15, 2020 (To record payment received)

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