During July, Session Oil Company sold 6,000 Mcf of gas at $10.00/Mcf. The lease provides a 1/6

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During July, Session Oil Company sold 6,000 Mcf of gas at $10.00/Mcf. The lease provides a 1/6 RI. The working interest owner receives 100% of the revenues (net of 5% severance tax) and then distributes the amount due to the royalty interest owner.

REQUIRED: Give the entry by Session to record the sale of the gas.

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Fundamentals Of Oil And Gas Accounting

ISBN: 9781593703639

6th Edition

Authors: Charlotte Wright

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Question Posted: Mar 08, 2024 10:01 AM

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During July, Session Oil Company sold 6,000 Mcf of gas at $10.00/Mcf. The lease provides a 1/6

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Fundamentals Of Oil And Gas Accounting

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