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Belmont Pipeline Company purchased 200 barrels of oil from Jadson Oil Company. The gross value of the oil was $20,000. The severance tax rate
Belmont Pipeline Company purchased 200 barrels of oil from Jadson Oil Company. The gross value of the oil was $20,000. The severance tax rate was 4%. Give the entry to record revenue for Jadson, assuming Belmont disbursed the royalty and remitted all taxes, and assuming a division order as follows: Property No. 35 Jadson Oil Company Royalty Owner Interest 0.875 0.125
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Entry to record the revenue in Jadson Cash Debit 20800 Royalty Owner Cr...
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Quantitative Methods For Business
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
12th Edition
840062338, 840062346, 9780840062338, 978-0840062345
