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Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031 Exercise 11
The following information as of 12/31/16 relates to the first year of operations for
Complex Oil Company. From the data, (1) prepare entries, and (2) prepare an income
statement for Complex Oil Company for 2016, assuming revenue to the company from
oil sales is $1,200,000. Expense lifting costs as lease operating expense.
Complex Oil Company. From the data, (1) prepare entries, and (2) prepare an income
statement for Complex Oil Company for 2016, assuming revenue to the company from
oil sales is $1,200,000. Expense lifting costs as lease operating expense.
Explanation
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1.
Journal entry is given below: - 
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Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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