Single vs. Double Entry Accounting. Enter each transaction under both single entry and double entry accounting.
Would the box provided be the correct answers? Not positive about at least the first answer. Also please provide the answers for the 7th column. Thank you!!
i. Bought 30 bags of seed corn @ $80 per bag from Garst, $2,400 total. ii. Made payment to AgCo Finance for combine loan, $24,800, of which $20,000 was principal ii. The other $4,800 was for interest. iv. Traded a tandem disk to Smith Implement for a new one priced at $16,000. Dealer v. vi. vii. allowed $9,000 trade-in value on the old disk, so cash paid was $7,000. Borrowed $18,000 for farm operating expenses from Bank One. Paid feed bill of $3,500. It had been entered as an account payable (liability) previously. 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.