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 $2.280 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 installation service is estimated to have a standalone selling price of $522. The customer pays Sheridan $2,088 (which equals the standalone selling price of the windows, which have a cost of $1,140) 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. 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.) Date Account Titles and Explanation
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 $2.280 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 installation service is estimated to have a standalone selling price of $522. The customer pays Sheridan $2,088 (which equals the standalone selling price of the windows, which have a cost of $1,140) 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. 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.) Date Account Titles and Explanation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishal
Transcribed Image Text: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 $2.280 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 installation service is estimated to have a standalone selling price of $522. The customer pays
Sheridan $2,088 (which equals the standalone selling price of the windows, which have a cost of $1,140) 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.
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.)
Date
O
List of Accounts
Account Titles and Explanation
(To record sales)
(To record cost of goods sold)
Debit
111
Credit
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