If a natural resource is extracted and then immediately sold,we:
A)debit Cost of Goods Sold and credit Inventory.
B)debit Natural Resource and credit Accumulated Depletion.
C)debit Depletion Expense and credit Accumulated Depletion.
D)debit Depreciation Expense and credit Accumulated Depreciation.

Question

Quizplus · Accepted Answer

When a natural resource is extracted and sold, the depletion expense is recorded by debiting Depletion Expense and crediting Accumulated Depletion.

If a Natural Resource Is Extracted and Then Immediately Sold,we