Prepare the journal entries for Windsor

Assignment Help Accounting Basics
Reference no: EM133038869

Question - Windsor Windows manufactures and sells custom storm windows for enclosed porches. Windsor also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Windsor enters into the following contract on June 1, 2021, with a local homeowner. The customer purchases windows for a price of $4,700 and chooses Windsor to do the installation. Windsor charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $1,200. The customer pays Windsor $4,000 (which equals the fair value of the windows, which have a cost of $2,300) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2021, Windsor completes installation on September 15, 2021, and the customer pays the balance due. Prepare the journal entries for Windsor in 2021.

Reference no: EM133038869

Questions Cloud

Primary activities of the design phase of sdlc : Describe the primary activities of the design phase of the SDLC.
Which items constitute cash flows from operating activities : Indicate which items constitute cash flows from operating activities, investing activities, and financing activities
Historical overview of Blackberry : Provide a historical overview of the Blackberry? Why was Blackberry invented? In your opinion, what is the future outlook of Blackberry?
Explain system architecture : Explain system architecture and how it is related to system design.
Prepare the journal entries for Windsor : Windsor completes installation on September 15, 2021, and the customer pays the balance due. Prepare the journal entries for Windsor in 2021
What is Strolling Weighted Average Cost of Capital : Using your Capital Asset Pricing Model cost of equity, to the nearest .1%, what is Strolling's Weighted Average Cost of Capital
Support improvement in 30-day readmission rates : Melanie Stanford, MD, MPH, Director of Operations for Central Hospital sat quietly at her desk, in deep thought. She stared at the data summary sheet in front o
Submits claims regarding existing diseases : Assumed that ABC University is your current key account, and you are the seller of XYZ insurance company. ABCU wants you to offer the health care insurance to t
Evaluate competitiveness in philippine banking industry : Question 1: Use Porter's Five-Forces Model to evaluate competitiveness within the Philippine banking industry.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd