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  3. the company sells a customer roofing, siding and w

The Company sells a customer roofing, siding and windows. The total sales price is ...

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Accounting

The Company sells a customer roofing, siding and windows. The total sales price is
$35,000: $20,000 for the roof, $10,000 for the siding and $5,000 for the windows. The
estimate is signed by the customer August 25 th and work begins August 28 th . The roof is
completed August 30 th , the siding is completed September 10 th and the windows are
done September 14 th . The Companys policy is to collect half of the funds up front and
invoice and collect the remainder when the job is completed. The Company collected
$17,500 from the customer August 25 th . In order to close the books on a GAAP-basis for
August and September what are the journal entries needed related to this transaction?

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