Bramble Windows manufactures and sells custom storm windows for three-season porches. Bramble 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. Bramble enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $ 2,290 and chooses Bramble to do the installation. Bramble 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 $ 570. The customer pays Bramble $ 1,990 (which equals the standalone selling price of the windows, which have a cost of $ 1,150) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Bramble completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Bramble 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 0 for the amounts. Round answer to 0 decimal places, e.g. 5,125.)
Bramble Windows manufactures and sells custom storm windows for three-season porches. Bramble 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. Bramble enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $ 2,290 and chooses Bramble to do the installation. Bramble 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 $ 570. The customer pays Bramble $ 1,990 (which equals the standalone selling price of the windows, which have a cost of $ 1,150) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Bramble completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Bramble 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 0 for the amounts. Round answer to 0 decimal places, e.g. 5,125.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Bramble Windows manufactures and sells custom storm windows for three-season porches. Bramble 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. Bramble enters into the following contract on July 1, 2020, with a local homeowner. The
customer purchases windows for a price of $ 2,290 and chooses Bramble to do the installation. Bramble 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 $ 570. The customer pays Bramble $ 1,990 (which equals the standalone selling price of
the windows, which have a cost of $ 1,150) upon delivery and the remaining balance upon installation of the windows.
The windows are delivered on September 1, 2020, Bramble completes installation on October 15, 2020, and the customer
pays the balance due.
Prepare the journal entries for Bramble 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 O for the
amounts. Round answer to 0 decimal places, e.g. 5,125.)
Account Titles and Explanation Debit
Date
Jul. 1, 2020Sep. 1, 2020Oct. 15, 2020
Jul. 1, 2020Oct. 15, 2020Sep. 1, 2020
Jul. 1, 2020Oct. 15, 2020Sep. 1, 2020
(To record contract entered into)
(To record sales)
(To record cost of goods sold)
Credit
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