Oil & Gas
Condensate Sale — Revenue Recognition
Recognizing revenue from selling condensate (light liquid hydrocarbons) separated from gas.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Trade Receivable (Condensate) | Asset (+) | 3,500,000.00 | - |
| Condensate Revenue | Revenue (+) | - | 3,500,000.00 |
| Cost of Condensate Sold | Expense (+) | 1,200,000.00 | - |
| Condensate Inventory | Asset (-) | - | 1,200,000.00 |
💡 Accountant's Note
Condensate is a high-value by-product that requires separate metering and pricing. It is typically priced at a premium to crude oil and reported as a distinct revenue stream from natural gas.
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