Journal Entries to Change to Double Entry
In the case referred to the following facts were shown by the books:
| Cash in Office | $156.72 |
| Cash in Bank | 7,264.20 |
| Accounts Receivable | 11,978.50 |
| Accounts Payable | 9,647.60 |
| Capital Stock | 75,000.00 |
The inventories and appraisals resulted in the following valuations:
| Real Estate (Land and Buildings) | $38,000.00 |
| Machinery | 27,750.00 |
| Material | 11,227.60 |
| Supplies | 648.50 |
| Goods in Process | 3,984.70 |
| Manufactured Goods | 5,290.00 |
A cost system was desired by the management, consequently in opening new books it was necessary to provide for the needed accounts. The complete entries used to change these books from single to double entry are shown in the model journal illustrated, page 29.
Ledger After Changing to Double Entry
