10434 ACCOUNT NO. 2350 - CONSTRUCTION WORK IN PROGRESS
(Revised 5/87)
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 fixed assets accounts.
Subsidiaries: File of Expenditure Reports for projects constructed by other agencies. Work Order Ledger or File for projects constructed by agency.
Normal Entries:
| Entry No. |
Debits |
Entry No. |
Credits |
| 18. Expenditures on uncompleted projects are reported. |
19. Project is completed and cost is transferred to fixed assets accounts. |
