70.2K

Verified Solution

Link Copied!

- / 15 > Question 13 of 14 View Policies Current Attempt in Progress Bridgeport Windows manufactures and sells custom storm windows for three-season porches.Bridgeport 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. Bridgeport enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,470 and chooses Bridgeport to do the installation Bridgeport charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $580. The customer pays Bridgeport $1.940 [which equals the standalone selling price of the windows, which have a cost of $1,050) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020. Bridgeport completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Bridgeport 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 for the amounts. Round answer to O decimal places, 8.5.125) Date Account Titles and Explanation Debit Credit (To record contract entered into) (To record sales) (To record cost of goods sold) - 15 Question 13 of 14 Debit Account Titles and Explanation Credit Date (To record contract entered into) (To record sales) (To record cost of goods sold) e Textbook and Media List of Accounts Attempts: unlimited Summit. At Sorter = i E TE

Answer & Explanation Solved by verified expert

See Answer