Delb Company is an oil and gas exploration firm. During 2011, Delb engaged in five different exploration projects. The costs associated with these projects are as follows:

Only Projects 2 and 5 were successful. As of the end of the year, production had not yet started at either of these two sites.
Assuming that all exploration costs were paid for in cash, make the journal entry to record the expenditures for the year using

Question

Delb Company is an oil and gas exploration firm. During 2011, Delb engaged in five different exploration projects. The costs associated with these projects are as follows:
  
Only Projects 2 and 5 were successful. As of the end of the year, production had not yet started at either of these two sites.
Assuming that all exploration costs were paid for in cash, make the journal entry to record the expenditures for the year using

Quizplus · Accepted Answer

The Answer of Delb Company is an oil and gas exploration firm. During 2011, Delb engaged in five different exploration projects. The costs associated with these projects are as follows:
  
Only Projects 2 and 5 were successful. As of the end of the year, production had not yet started at either of these two sites.
Assuming that all exploration costs were paid for in cash, make the journal entry to record the expenditures for the year using

Delb Company Is an Oil and Gas Exploration Firm