| Sales to sundry persons on account | 44.71 |
| Bought from sundry persons on account | 337.54 |
| Sold for cash | 94.90 |
| Received cash on account | 62.00 |
| Paid cash on account | 132.50 |
| Paid cash for rent | 35.00 |
| Paid cash for clerk hire | 7.00 |
At the close of the period in which these transactions were recorded, the inventory of merchandise on hand was $987.75.
First. Open single entry books, entering these transactions in the journal and cash book.
Second. Post to ledger using the terms Debtor and Creditor to represent account of customers and those from whom goods were purchased.
Third. Prove the ledger.
Fourth. Make a statement of assets and liabilities.
Fifth. Has there been a gain or a loss, and how does it affect the account of the proprietor?
CHANGING TO DOUBLE ENTRY
11. How to change the method of keeping a set of books from single to double entry is an important question to the bookkeeper, for he may be called upon any time to do the work. When once understood, the change involves only very simple entries. The routine may be briefly described as follows:
First. Prepare a statement of assets and liabilities.