ACCOUNT NUMBER 2350, CONSTRUCTION WORK IN PROGRESS - 10434
(Revised: 06/2013)
Normal Balance: Debit
Purpose: This account shows the amount expended on capital outlay projects that are not yet completed and, therefore, cannot be capitalized in the capital assets accounts.
Subsidiaries: File of Expenditure Reports for projects constructed by other departments. Work Order Ledger or File for projects constructed by departments.
Based on SAM Chapter 10500, the normal entries for this account are as follows:
|
Entry Number |
Debits |
Entry Number |
Credits |
|
18. |
Expenditures on uncompleted projects are reported.
|
19. |
Project is completed and cost is transferred to capital assets accounts.
|
Revisions
No Revisions for this item.
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