P9-33A (book/static) EQuestion Help Conseco Oil, Inc. has an account titled Oil and Gas Properties Conseco paid $6.600.000 for oil reserves holding an estimated 1,000.000 barrels of oil Assume the company paid $570,000 for additional geological tests of the property and $450,000 to prepare for drilling During the first year, Conseco removed and sold 72,000 barrels of of Record all of Conseco's transactions, including depletion for the first year (Record debits first, then credits Select the explanation on the last line of the joumal entry table) Accounts and Explanation Date Debit Credit Oil and Gas Properties 6,600,000 Cash 6600.000 est To record purchase of oil resenves Assume the company paid $570 000 for addsonal geological tests of the pr0perty and $450,000 to prepare for driling Record the payment for additional geological tests of the property and for preparng the property for driling (Record a single compound journal entry ) Credit Debit Accounts and Explanation Date hcorre b (5/5) Choose from any list or enter any number in the input flelds and then click Check Anseer