Nash Group provides many of the laminated products that teachers use in their classrooms. Nash management...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Nash Group provides many of the laminated products that teachers use in their classrooms. Nash management considers the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Nash has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,100, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced 2,000 220 Sales Value per Unit $2 0.50 (a) Record the journal entries for the following transactions for Nash under the sales method of accounting for by-products. (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. List all debit entries before credit entries.) 1. The completion of all products (main product and by-product). 2. The sale of all the main product. 3. The sale of all the by-product. No. Account Titles and Explanation 1. 2. Debit Credit No. Account Titles and Explanation 1. N 3. (To record sales) (To record cost of goods sold) Debit Credit 1111 Nash Group provides many of the laminated products that teachers use in their classrooms. Nash management considers the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Nash has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,100, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced 2,000 220 Sales Value per Unit $2 0.50 (a) Record the journal entries for the following transactions for Nash under the sales method of accounting for by-products. (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. List all debit entries before credit entries.) 1. The completion of all products (main product and by-product). 2. The sale of all the main product. 3. The sale of all the by-product. No. Account Titles and Explanation 1. 2. Debit Credit No. Account Titles and Explanation 1. N 3. (To record sales) (To record cost of goods sold) Debit Credit 1111
Expert Answer:
Answer rating: 100% (QA)
As per provided information please refer below journal entries No Account Title and Expla... View the full answer
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
Students also viewed these accounting questions
-
Credit card sales for Tent Rent, a party rental company, are given for a one-week period in July. All payments from the credit card company are directly deposited into Tent Rents bank account less a...
-
Recorded Vista credit card sales of 94000 Processor charges a 33 fee Vista charges the fee at the end of the month therefore Dash uses the gross method for these credit card sales Ignore Cost of...
-
Credit Card Sales A local fast-food store is considering accepting major credit cards in its outlets. Current annual sales are $800,000 per outlet. The company can purchase the equipment needed to...
-
Name the following compounds, and indicate whether each is a reducing sugar or a nonreducing sugar: a. b. c. d. CH,OH HO OCH2CH2CH3 OH HO CH2OH OCH3 - HOCH OCH2CH3 CH OH OH OH
-
Tommi-Boy Jeans, Inc. awarded 4,000 options to acquire 4,000 shares of its preferred stock, which can be sold back to the company. At the grant date, the options have a fair value of $ 12 each and...
-
Pick any large company and describe its strategy using one of the three customer value propositions defined in the prologue.
-
How to obtain an extension of time and continuances?
-
Aztec Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of May 31 have been taken from...
-
a. The aging of Torme Designs' accounts receivable is shown below. Complete the schedule and determine the total estimate of uncollectible accounts. Round your answers to two decimal places....
-
WAR (We Are Rich) has been in business since 1985. WAR is an accrual method sole proprietorship that deals in the manufacturing and wholesaling of various types of golf equipment. Hack & Hack CPAs...
-
2.1 Heron found a way to determine square root of a number in a few iterations. Prove that the following formula gives the next iterate for finding cubic root of a number A, if Newton-Raphsons method...
-
Explain how probability can be applied to decision-making in public administration situations.
-
In potato heads, red noses (R) are incompletely dominant to white noses (r). The hybrid (heterozygous) results in a pink nose. When two pink-nosed potato heads are crossed, what is the phenotypic...
-
A glass tube of cross-sectional area 0.00013 m is partially filled with water. An oil with a density of 790 kg/m is slowly poured into the tube so that it does not mix with the water and floats on...
-
Apple, Inc The company creates, manufactures, and sells smartphones, computers, tablets, wearables, accessories, and related services. iPhone, Mac, iPad, wearables, home, and accessories are among...
-
1. Evaluate how technology can provide the public with critical information during an incident. Provide at least two examples. 2. Discuss how technology can provide critical information in support of...
-
Telecommuting is often seen as an opportunity for employees to gain greater levels of work-life balance, yet there are arguments that personal tasks and emails creep into work time, and work tasks...
-
President Lee Coone has asked you to continue planning for an integrated corporate NDAS network. Ultimately, this network will link all the offices with the Tampa head office and become the...
-
Rogers Corporation starts the year with a Retained Earnings balance of $55,000. Net income for the year is $27,000. The ending balance in Retained Earnings is $70,000. What was the amount of...
-
What are the two types of events that affect an entity? Describe each.
-
Evaluating Alternative Investments Rob Lowe would like to invest $100,000 in Franklin Inc., which is offering common stock , preferred stock, and bonds on the open market. The common stock has paid...
-
Solve Chapter Problem 13.21, assuming the force is narrowband with a power spectral density given by \(S_{F}(\omega)=\frac{3 \times 10^{-3}}{2+5 \omega^{2}}\). Data From Chapter Problem 13.21: A SDOF...
-
Solve Chapter Problem 13.21, assuming the power spectral density is band limited with \(\omega_{1}=50 \mathrm{rad} / \mathrm{s}\) and \(\omega_{2}=200 \mathrm{rad} / \mathrm{s}\). Data From Chapter...
-
Fine Leather Ltd has provided the following production and sales information for each pair of its dress shoes. The fixed costs for the period are \($1\) 125 000. Required (a) Calculate the...
Study smarter with the SolutionInn App