Final answer:
In Singleton Bank's ledger, the $10 million in deposits is placed on the liabilities side of a T-account, reflecting the bank's obligation to its depositors, while assets and liabilities plus net worth should balance to zero.
Step-by-step explanation:
When setting up the beginning accounts in a ledger for a hypothetical bank like Singleton Bank, which has $10 million in deposits, you utilize a T-account format. In a T-account, the left side represents the assets of the bank, such as its cash reserves and the loans it has issued. Meanwhile, the right side shows the bank's liabilities, which primarily consist of the deposits from clients that the bank is obliged to repay. In Singleton Bank's example, when it holds all deposits in its vaults, the entirety of the $10 million in deposits would be recorded on the liabilities side. This reflects that Singleton Bank owes this amount to its depositors. The assets and liabilities plus net worth should always balance to zero in a T-account.