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Prepare the journal entries for sweet

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Sweet Windows manufactures and sells custom storm windows for three-season porches. Sweet 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. Sweet enters into the following contract on July 1, 2017, with a local homeowner. The customer purchases windows for a price of $2,420 and chooses Sweet to do the installation. Sweet charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Sweet $1,960 (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, 2017, Sweet completes installation on October 15, 2017, and the customer pays the balance due.

  • Sweet estimates the standalone selling price of the installation based on an estimated cost of $400 plus a margin of 10% on cost.

Problem 1: Prepare the journal entries for Sweet in 2017.

Reference no: EM132763700

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