+ Ex. 1. 2. Single and Double Entry Accounting Enter each transaction under both single-entry and double-entry accounting. (2 pts each, 20 points total) Single Entry 3. 4. 5. 6. 7. 8. 9. Income 10. 1. 2. 3. Double Entry Expense Income Expense Assets Liabilities Cash Other Assets $12,000 $12,000 -$12,000 Example: Bought 40 bags of seed corn @ $300 per bag from Dekalb, $12,000 total, to be used this crop year. Made payment to John Deere Finance for combine loan, $105,00, of which $80,000 was principal. The other $25,000 from #1 was for interest. Traded an old grain cart into Titan Machinery for a new one priced at $64,000. Dealer allowed $12,000 trade-in value on the old grain cart, so cash paid was $52,000.