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Prepare the appropriate journal entries for the transaction

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Problem - S&G Home Improvement Ltd, (SGHI) sells windows and also provides Installation service for the windows. Thoms Inc. purchased windows and installation services for a price of $1,800 from SGHI. The stand-alone value of the windows sold is $1,780. SGHI normally charges $220 for this type of installation service when purchased separately. Thoms pays SGHI $1,000 on delivery of the windows on May 25, 2021 and pays the balance of the contract when the installation is complete. The installation took place on June 3, 2021 and the balance of the contract was collected. Prepare the appropriate journal entries for the transaction. Ignore the cost of goods sold entry and any refund liability.

Reference no: EM132945270

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