Question

How does single entry system convert into double entry system?

Answer 1

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❏To convert single-entry to double-entry bookkeeping, you first need an opening statement of accounts.

❏From this you will post all of the transactions into a double-entry journal system as a debit, then as a credit. Next, you should open two bank accounts.

❏One should be for expenses, and the other for income.

Answer 2

❏To convert single-entry to double-entry bookkeeping, you first need an opening statement of accounts.

❏From this you will post all of the transactions into a double-entry journal system as a debit, then as a credit. Next, you should open two bank accounts.

❏One should be for expenses, and the other for income.

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