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Coronado Group provides many of the laminated products that teachers use in their classrooms. Coronado 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, Coronado 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 2,000 420 Sales Value per Unit $2 0.50

Coronado Group provides many of the laminated products that teachers use in their classrooms. Coronado 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, Coronado 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 2,000 420 Sales Value per Unit $2 0.50

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Nn.148.

Subject  :- Account 

Coronado Group provides many of the laminated products that teachers use in their classrooms. Coronado 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, Coronado 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 2. The sale of all the main product. Units Produced 3. The sale of all the by-product. Record the journal entries for the following transactions for Coronado 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 0 for the amounts. List all debit entries before credit entries.) 1. 1. The completion of all products (main product and by-product). 2. No. Account Titles and Explanation 3. 2,000 finished goods inventory (To record sales) 420 (To record cost of goods sold) Sales Value per Unit $2 0.50 Debit 0000 Credit ||||
Transcribed Image Text:Coronado Group provides many of the laminated products that teachers use in their classrooms. Coronado 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, Coronado 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 2. The sale of all the main product. Units Produced 3. The sale of all the by-product. Record the journal entries for the following transactions for Coronado 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 0 for the amounts. List all debit entries before credit entries.) 1. 1. The completion of all products (main product and by-product). 2. No. Account Titles and Explanation 3. 2,000 finished goods inventory (To record sales) 420 (To record cost of goods sold) Sales Value per Unit $2 0.50 Debit 0000 Credit ||||
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