Question
The journal entry to record abandonment of a lease under successful efforts accounting: Debit Dry Hole Expense, Credit Wells-in-Progress Debit Surrendered Lease Expense, Credit Unproved
The journal entry to record abandonment of a lease under successful efforts accounting:
Debit Dry Hole Expense, Credit Wells-in-Progress
Debit Surrendered Lease Expense, Credit Unproved Property
Debit Wells and Equipment, Credit Wells-in-Progress
Debit Abandoned Leasehold Costs, Credit Unproved Property
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Intermediate Accounting Volume 2
Authors: Hanlon, Hodder, Nelson, Roulstone, Dragoo
2nd Edition
1618533134, 9781618533357
