question archive McCabe Oil, ne has an account tiedol and Gas Properties McCabe paid $5,000,000 for oil reserves oling an estimated 400
McCabe Oil, ne has an account tiedol and Gas Properties McCabe paid $5,000,000 for oil reserves oling an estimated 400
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McCabe Oil, ne has an account tiedol and Gas Properties McCabe paid $5,000,000 for oil reserves oling an estimated 400.000 barrels of oil Assurse the company paid $S70 000 for additional geological tests of the property and 5470,000 to prepare for dig. During the first year, McCabe removed and word 70,000 barel of ot. Recordato Cabusanacions inducing depilation for the first year. Record debat, then credit Select the explanation on the line of the journal entry McCabe paid 5.000.000 for eleves holding an estimates 400,000 bars of all Record the payment for the al reserves. Do not record payment for any adoras costosociated with the oil recetes (geological testing and ordning we will do this in the following entry Date Account and Explanation Det Credit
