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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 15
Prospect Oil Company sold a total of 1,000 Mcf of gas at $9.00/Mcf. The lease
provides a 1/5 RI. The working interest owner receives 100% of the revenues (net of 5%
severance tax) and then distributes the amount due to the royalty interest owner.
REqUIRED: Give the entry by Prospect to record the sale of the gas.
provides a 1/5 RI. The working interest owner receives 100% of the revenues (net of 5%
severance tax) and then distributes the amount due to the royalty interest owner.
REqUIRED: Give the entry by Prospect to record the sale of the gas.
Explanation
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If the purchaser ass...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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