Business, 19.10.2021 14:00 Jalyn6883

Bonita Windows manufactures and sells custom storm windows for three-season porches. Bonita 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. Bonita enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,520 and chooses Bonita to do the installation. Bonita charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $600. The customer pays Geraths $2,000 (which equals the fair value of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2014, Geraths completes installation on October 15, 2014, and the customer pays the balance due. Required:
Prepare the journal entries for Geraths in 2014.

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