Single and Double Entry Accounting Enter each transaction under both single-entry and double-entry accounting. (2 pts each, 20 points total) Single Entry Income Expense Double Entry Assets Income Expense Liabilities Cash Other Assets Ex. $12,000 $12,000 -$12,000 1. 2. 3. 4. 5. --- 6. 7. 8. 9. 10. Example: Bought 40 bags of seed corn @ $300 per bag from Dekalb, $12,000 total, to be used this crop year. 1. Made payment to John Deere Finance for combine loan, $75,00, of which $70,000 was principal. 2. The other $5,000 from #1 was for interest 3. Traded a manure spreader to Smith Implement for a new one priced at $46,000. Dealer allowed $15,000 trade-in value on the old manure, so cash paid was $31,000 4. Borrowed $20,000 for farm operating expenses from Bank One. 5. Paid feed bill of $3,500. It had been entered as an account payable (liability) previously 6. Sold 200 market hogs to Tyson. Total check was for $36,000. Pigs had been recorded in inventory when they weighed 50 pounds, at a value of $10,000. Sell 20,000 bushels of corn for Is/bu. Payment will be received next year. Corn was on the balance sheet at cost of $4/bu. 7. 8. Bought a new John Deere tractor for $200,000 with $40,000 cash and $160,000 with a five-year loan @3.5%. No trade 9. Bought 5 bulls @ $3,000 each. Paid cash 10 . Bought diesel fuel this fall, 5,000 gallons total @ $3.00/gal. 3,000 gallons were used this year, 2,000 held for next year