Journal entry to record depletion expense, Accounting Basics

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Journal entry to record depletion expense

On July 1, 2008, Hurtig Inc. invested$730,530 in a mine estimated to have 835,550 tons of ore of uniform grade. During the last 6 months of 2008, 102,790 tons of ore weremined and sold.

Prepare the journal entry to record depletion expense.

Assume that the 102,790 tons of ore weremined, but only 84,920 units were sold. How are the costs applicable to the 17,870 unsold units reported?

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Accounting Basics: Journal entry to record depletion expense

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Accounting Basics: Journal entry to record depletion expense

Reference No:- TGS0555547

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Classify item as an asset-liability or owner-s equity

Q : Dougs custom construction company

Q : Assessment of the effectiveness of the internal control

Q : Evaluate the practice of using a contra account

Q : Journal entry to record depletion expense

Q : Compute fixed overhead spending and volume variances

Q : Parking complex for the city of lancaster

Q : Explain new portable infrared keypad controllers

Q : Create the debit-credit analysis for each transaction

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Ask an Expert for Answer!!

Accounting Basics: Journal entry to record depletion expense

Reference No:- TGS0555547

Recent Questions Asked Accounting Basics

Q : Classify item as an asset-liability or owner-s equity

Q : Dougs custom construction company

Q : Assessment of the effectiveness of the internal control

Q : Evaluate the practice of using a contra account

Q : Journal entry to record depletion expense

Q : Compute fixed overhead spending and volume variances

Q : Parking complex for the city of lancaster

Q : Explain new portable infrared keypad controllers

Q : Create the debit-credit analysis for each transaction

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