Oil & Gas
Refinery — Crude Oil Intake (Feedstock Purchase)
Recording the purchase of crude oil as feedstock for refinery processing.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Crude Oil Feedstock Inventory | Asset (+) | 80,000,000.00 | - |
| Accounts Payable (Crude Supplier) | Liability (+) | - | 80,000,000.00 |
💡 Accountant's Note
The refinery purchases crude at market prices. Crude is held in storage as inventory until processed. FIFO or weighted average cost methods are typically used for crude inventory valuation.
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