Single entry bookkeeping is a more simple version of double entry. A single entry system is similar to a checkbook register. It is characterized by the fact that there is only a single line entered in the journal for every transaction. Each transaction is recorded in of column and account as either positive or negative. A double entry system is a little more detailed. With double entry two entries are made for each transaction. The first entry is a debit in on account and the second is credit in another account. The two accounts together keep the accounting equation balanced. The accounting equation is Assets = liabilities + Owners’ Equity. The pegboard system is a system in which a pegboard is used to hold all the necessary accounting forms. I believe that the pegboard system is best for a medical office because it is easiest to operate and seems to be the most accurate.
Kinn's The Administratve Medical Assistant, 6th edition- An Applied Learning Approach A.Young,BBA,RMA,CMA