West Texas district office expenses were $50,000 for July 2018. The district office supervised the following three

Question:

West Texas district office expenses were $50,000 for July 2018. The district office supervised the following three leases:

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REQUIRED:

a. Record lease operating expense, assuming allocation based on the number of wells.

b. Record lease operating expense, assuming allocation based on the barrels of oil produced.

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Related Book For answer-question

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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West Texas district office expenses were $50,000 for July 2018. The district office supervised the following three

Question:

Lease A ABC Number of Wells 5 4 1 Oil Production, bbl 8,000 5,000 7,000

Step by Step Answer:

Fundamentals Of Oil And Gas Accounting

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