If a natural resource is extracted and then immediately sold, which of the following accounts are...
If a natural resource is extracted and then immediately sold, which of the following accounts are debited and credited?
A.debit Depletion Expense and credit Accumulated Depletion
B.debit Depreciation Expense and credit Accumulated Depreciation
C.debit Natural Resource and credit Accumulated Depletion
D.debit Cost of Goods Sold and credit Inventory
Homework Answers
Option A is the answer.
The entry would be
| DEBIT | CREDIT | |
| Depletion expense | xxx | |
| Accumulated depletion | xxx |
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