Single and Double Entry Accounting

Enter each transaction under both single-entry and double-entry accounting.

Single Entry	Double Entry
Income	Expense	Income	Expense	Assets	Liabilities
				Cash	Other Assets
1.
2.
3.
4.
5.
6.

1. Bought 30 bags of seed corn @ $80 per bag from Garst, $2,400 total.

1. Made payment to AgCo Finance for combine loan, $24,800, of which $20,000 was principal. The other $4,800 was for interest.

1. Traded a tandem disk to Smith Implement for a new one priced at $16,000. Dealer allowed $9,000 trade-in value on the old disk, so cash paid was $7,000.

1. Borrowed $18,000 for farm operating expenses from Bank One.

1. Paid feed bill of $3,500. It had been entered as an account payable (liability) previously.

1. Sold 200 market hogs to IBP. Total check was for $24,400. Pigs had been recorded in inventory when they weighed 50 pounds, at a value of $10,000.