October 30, 2016 admin

Land Improvements

Assets

LAND IMPROVEMENTS		ASSET ACCOUNT
		1701

ACCOUNT EXPLANATION
TRANSACTIONS
COMMENTS

ACCOUNT EXPLANATION

Cost of depreciable improvements to land owned and used in the automobile business.

TRANSACTIONS

					Jrnl.	Dr.	Cr.

	Cost of surfacing parking area				CD
		Land Improvements				1701
			Cash in Bank—General				1001

COMMENTS

Subsidiary fixed asset records should support this account.
The cost of improvements to leased land or leased buildings should be charged to Account 1730, Leaseholds & Leasehold Improvements.