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Using a bullet-point format, list the accounts and their respective debit and credit balances for Silver Mountain Corporation as of January 1, 2024. Then, calculate
- Using a bullet-point format, list the accounts and their respective debit and credit balances for Silver Mountain Corporation as of January 1, 2024. Then, calculate the total assets and total liabilities.
- Cash: ₹15,000 (Debit)
- Accounts Receivable: ₹25,000 (Debit)
- Inventory: ₹60,000 (Debit)
- Equipment: ₹120,000 (Debit)
- Accounts Payable: ₹35,000 (Credit)
- Bank Loan: ₹80,000 (Credit)
- Equity: ₹90,000 (Credit)
- Retained Earnings: ₹5,000 (Debit)
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