Current Attempt in Progress Sheridan Windows manufactures and sells custom storm windows for three-season porches. Sheridan also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by othe vendors. Sheridan enters into the following contract on July 1, 2025, with a local homeowner. The customer purchases windows for price of $2,610 and chooses Sheridan to do the installation. Sheridan charges the same price for the windows irrespective of whethe- it does the installation or not. The customer pays Sheridan $1,932 (which equals the standalone selling price of the windows, which have a cost of $1,190) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2025, Sheridan completes installation on October 15, 2025, and the customer pays the balance due. (a) Sheridan estimates the standalone selling price of the installation based on an estimated cost of $690 plus a margin of 20% on cost. Prepare the journal entries for Sheridan in 2025. (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 O for the amounts. Round answer to 0 decimal places, e.g. 5,125. List all debit entries before credit entries. Record journal entries in the order presented in the problem. Do not round Intermediate calculations.)
Current Attempt in Progress Sheridan Windows manufactures and sells custom storm windows for three-season porches. Sheridan also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by othe vendors. Sheridan enters into the following contract on July 1, 2025, with a local homeowner. The customer purchases windows for price of $2,610 and chooses Sheridan to do the installation. Sheridan charges the same price for the windows irrespective of whethe- it does the installation or not. The customer pays Sheridan $1,932 (which equals the standalone selling price of the windows, which have a cost of $1,190) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2025, Sheridan completes installation on October 15, 2025, and the customer pays the balance due. (a) Sheridan estimates the standalone selling price of the installation based on an estimated cost of $690 plus a margin of 20% on cost. Prepare the journal entries for Sheridan in 2025. (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 O for the amounts. Round answer to 0 decimal places, e.g. 5,125. List all debit entries before credit entries. Record journal entries in the order presented in the problem. Do not round Intermediate calculations.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Sheridan Windows manufactures and sells custom storm windows for three-season porches. Sheridan 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. Sheridan enters into the following contract on July 1, 2025, with a local homeowner. The customer purchases windows for a
price of $2,610 and chooses Sheridan to do the installation. Sheridan charges the same price for the windows irrespective of whether
it does the installation or not. The customer pays Sheridan $1,932 (which equals the standalone selling price of the windows, which
have a cost of $1,190) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on
September 1, 2025, Sheridan completes installation on October 15, 2025, and the customer pays the balance due.
(a)
Sheridan estimates the standalone selling price of the installation based on an estimated cost of $690 plus a margin of 20% on
cost.
Prepare the journal entries for Sheridan in 2025. (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 O for the amounts. Round answer to O decimal
places, e.g. 5,125, List all debit entries before credit entries. Record journal entries in the order presented in the problem. Do not round
Intermediate calculations.)
Date
dy 1,2025
Account Titles and Explanation
No Entry
No Entry
Debit
0
Credit
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