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many classrooms. Bl managemer ders 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, Blossom 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 $1,700, 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 2,000 640 Sales Value per Unit $2 0.50

many classrooms. Bl managemer ders 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, Blossom 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 $1,700, 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 2,000 640 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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Blossom Group provides many of the laminated products that teachers use in their classrooms. Blossom 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, Blossom 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 $1,700, 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 Sales Value per Unit 2,000 $2 0.50 640
Transcribed Image Text:Blossom Group provides many of the laminated products that teachers use in their classrooms. Blossom 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, Blossom 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 $1,700, 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 Sales Value per Unit 2,000 $2 0.50 640
Record the journal entries for the following transactions for Blossom 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. لیا (To record sales) (To record cost of goods sold) Debit 100 00 Credit 00 00 00
Transcribed Image Text:Record the journal entries for the following transactions for Blossom 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. لیا (To record sales) (To record cost of goods sold) Debit 100 00 Credit 00 00 00
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