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Problem- Scrap at time of sale or at time of production, journal entries (continuation of 18-36). Assume that Job #10 of Jellyfish Machine Shop generates normal scrap with a total sales value of $700 (it is assumed that the scrap returned to the storeroom is sold quickly).
Prepare the journal entries for the recognition of scrap, assuming the following:
a. The value of scrap is immaterial and scrap is recognized at the time of sale.
b. The value of scrap is material, is related to a specific job, and is recognized at the time of sale.
c. The value of scrap is material, is common to all jobs, and is recognized at the time of sale.
d. The value of scrap is material, and scrap is recognized as inventory at the time of production and is recorded at its net realizable value.
Give an example of a transaction that increases net cash flow but has no effect on net income. Please be clear about what items are increasing and decreasing in your example.
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