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The general ledger of the karlin company, a consulting company, at january 1, 2024, contained the following account balances credits debits 28,400 18,500 32,000 account title cash accounts receivable equipment accumulated depreciation salaries payable common stock retained earnings total 9,600 10,250 49,500 9,550 $78,90078,900 the following is a summary of the transactions for the year
The general ledger of the karlin company, a consulting company, at january 1, 2024, contained the following account balances credits debits 28,400 18,500 32,000 account title cash accounts receivable equipment accumulated depreciation salaries payable common stock retained earnings total 9,600 10,250 49,500 9,550 $78,90078,900 the following is a summary of the transactions for the year
Final answer:The Karlin company's general ledger accounts and balances indicate the company's financial health.Singleton Bank's balance sheetchanges reflect alterations to their business plan, such as loans to other businesses.Explanation:The question refers to thegeneralledger of the Karlin company, which is a document listing all of the company's accounts and their balances.For instance, the account titled 'Cash' had a balance of 28,400 debits and 9,600 credits, while the 'Equipment' account had a balance of 32,000 debits and 10,250 credits.An important detail to remember about generalledgersis that debits increase the balance of asset accounts, such as 'Cash' or 'Equipment', while credits increase the balance of liability and equity accounts, like 'Salaries Payable' or 'Common Stock'.In contrast, Singleton Bank's balance sheet changes with alterations to their business plan. For instance, when Singleton Bank lends $9 million to Hank's Auto Supply, it records thisloanas an asset on its balance sheet as it will generate interest income for the bank.Learn more aboutSingleton Bank's balance sheethere:brainly.com/question/38351793#SPJ11...