Below are two snippets of code, both producing the same results.
Which is more elegant and proper to use and easiest to understand? (I
realize the limitations of nested IF's). Being relatively new to VBA
(this is my first attempt at code) - I'm curious to know what's more
acceptable.

Thanks,

-Tony

(code 1)

'ethyl round
txt_ethy = Application.WorksheetFunction.Round(txt_ethy, 2)
'ethyl ether flag
Worksheets("con1").Cells(131, 4).Value = txt_ethy
Worksheets("con1").Range("D134:D138").ClearContent s
If txt_ethy_flags = "B" Then
Worksheets("con1").Cells(134, 4).Value = txt_ethy_flags
ElseIf txt_ethy_flags = "D" Then
Worksheets("con1").Cells(135, 4).Value = txt_ethy_flags
ElseIf txt_ethy_flags = "E" Then
Worksheets("con1").Cells(136, 4).Value = txt_ethy_flags
ElseIf txt_ethy_flags = "J" Then
Worksheets("con1").Cells(137, 4).Value = txt_ethy_flags
ElseIf txt_ethy_flags = "U" Then
Worksheets("con1").Cells(138, 4).Value = txt_ethy_flags
ElseIf txt_ethy_flags = "UB" Then
UFlag = Trim(Mid(txt_ethy_flags, 1, 1))
BFlag = Trim(Mid(txt_ethy_flags, 2, 1))
Worksheets("con1").Cells(138, 4).Value = UFlag
Worksheets("con1").Cells(134, 4).Value = BFlag
ElseIf txt_ethy_flags = "JB" Then
BFlag = Trim(Mid(txt_ethy_flags, 1, 1))
JFlag = Trim(Mid(txt_ethy_flags, 2, 1))
Worksheets("con1").Cells(134, 4).Value = BFlag
Worksheets("con1").Cells(137, 4).Value = JFlag
Else
' do nothing
End If

(code 2)

'ethyl round
txt_ethy = Application.WorksheetFunction.Round(txt_ethy, 2)
'ethyl ether flag
Worksheets("con1").Cells(131, 4).Value = txt_ethy
Worksheets("con1").Range("D134:D138").ClearContent s
Select Case txt_ethy_flags
Case "B"
Worksheets("con1").Cells(134, 4).Value = txt_ethy_flags
Case "D"
Worksheets("con1").Cells(135, 4).Value = txt_ethy_flags
Case "E"
Worksheets("con1").Cells(136, 4).Value = txt_ethy_flags
Case "J"
Worksheets("con1").Cells(137, 4).Value = txt_ethy_flags
Case "U"
Worksheets("con1").Cells(138, 4).Value = txt_ethy_flags
Case "UB"
UFlag = Trim(Mid(txt_ethy_flags, 1, 1))
BFlag = Trim(Mid(txt_ethy_flags, 2, 1))
Worksheets("con1").Cells(138, 4).Value = UFlag
Worksheets("con1").Cells(134, 4).Value = BFlag
Case "JB"
BFlag = Trim(Mid(txt_ethy_flags, 1, 1))
JFlag = Trim(Mid(txt_ethy_flags, 2, 1))
Worksheets("con1").Cells(134, 4).Value = BFlag
Worksheets("con1").Cells(137, 4).Value = JFlag
End Select