This section is from the book "Real Estate Accounts", by Walter Mucklow. Also available from Amazon: Real Estate Accounts.
This account shows the cost to date of a house which the concern agreed to build for Mr. Green, the final cost (not to exceed $1,500) to be charged to his "Contract." The house not yet being completed, the amount spent stands as an asset. Since this is an improvement to real estate, the amount thereof is carried in the "Real Estate" column (Section58).
 
Continue to: