(Solved Homework): 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!!…

Single vs. Double Entry Accounting. Enter each transaction under both single entry and double entry accounting.

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.

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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.

Expert Answer

 

Single entry Double entry
Income Expense Income Expense Asset Liabilities
Cash Other assets
1 2400 2400
2 20000 -20000 -20000
3 4800 4800 -4800
4 9000 16000 -7000 7000
5 18000 18000 18000
6 3500 -3500 -3500
7 24400 24400 10000 24400 -10000

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