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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 21
Big John Oil Company purchased 100 barrels of oil from JD Operator. The gross value
of the oil was $5,000. The severance tax rate was 4%. Give the entry to record revenue
for JD, assuming Big John disbursed the royalty and remitted all taxes, and assuming a
division order as follows:
of the oil was $5,000. The severance tax rate was 4%. Give the entry to record revenue
for JD, assuming Big John disbursed the royalty and remitted all taxes, and assuming a
division order as follows:
Explanation
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BJOC purchased 100 barrels of ...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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