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Question: Martinez Windows manufactures and sells custom storm windows for three-season porches. Martinez a…
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Martinez Windows manufactures and sells custom storm windows for
three-season porches. Martinez 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.
Martinez enters into the following contract on July 1, 2017, with a
local homeowner. The customer purchases windows for a price of
$2,360 and chooses Martinez to do the installation. Martinez
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
Martinez $2,100 (which equals the standalone selling price of the
windows, which have a cost of $1,110) upon delivery and the
remaining balance upon installation of the windows. The windows are
delivered on September 1, 2017, Martinez completes installation on
October 15, 2017, and the customer pays the balance due.

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

(a)

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...
Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a... Your answer is correct.

Martinez estimates the standalone selling price of the installation
based on an estimated cost of $430 plus a margin of 10% on
cost.

Prepare the journal entries for Martinez in 2017.
(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.)

Date

Account Titles and Explanation

Debit

Credit

Jul. 1, 2017

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

(To record contract entered into)

Sep. 1, 2017

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

(To record sales)

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

(To record cost of goods sold)

Oct. 15, 2017

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

(To record payment received)

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Attempts: 2 of 5 used
Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

(b)

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...
Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a... Your answer is partially correct. Try again. (stuck on oct. 15,
2017 journal entries) (Answer is not 434 or 260)

Given uncertainty of finding skilled labor, Martinez is unable to
develop a reliable estimate for the standalone selling price of the
installation.

Prepare the journal entries for Martinez in 2017.
(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.)

Date

Account Titles and Explanation

Debit

Credit

Sep. 1, 2017

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

(To record sales)

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

(To record cost of goods sold)

Oct. 15, 2017

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

Question: Martinez Windows manufactures and sells custom storm windows forthree-season porches. Martinez a...

(To record payment received)

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question:

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