Accounting Help
giry1021
hho9e_p9_30a_eip_stud.xlsxP9-30A
| Accounting, 9e | ||||||
| P9-30A | Natural resource accounting | |||||
| LO 4 [15-20 minutes] | ||||||
| Students please fill-in areas that are shaded | ||||||
| Student Name | ||||||
| Course Name | ||||||
| Student ID: | ||||||
| Date: | ||||||
| McCabe Oil Company has an account titled Oil and gas properties. McCabe paid | ||||||
| $6,200,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the | ||||||
| company paid $510,000 for additional geological tests of the property and $490,000 | ||||||
| to prepare for drilling. During the first year, McCabe removed 90,000 barrels of oil, | ||||||
| which it sold on account for $39 per barrel. Operating expenses totaled $850,000, all | ||||||
| paid in cash. | ||||||
| Requirements | ||||||
| 1. | Record all of McCabe’s transactions, including depletion for the first year. | |||||
| Test Your Knowledge | ||||||
| P9-30A | ||||||
| Req. 1 | ||||||
| Journal | ||||||
| DATE | ACCOUNTS AND EXPLANATIONS | DEBIT | CREDIT | |||
Jennie April 23
