Pennington Company has a balance in its Accounts Payable control account of $8,2

Question

Pennington Company has a balance in its Accounts Payable control account of $8,236 on January 1, 2014. The subsidiary ledger contains three accounts: Hale Company, balance $2,690; Janish Company, balance $1,822; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $7,073 $6,354 $ -0- Janish Company 5,302 1,822 2,615 Valdez Company 6,243 6,783 -0- What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $

Explanation / Answer

The balance in Valdez Subsidiary Account is calculated with the use of following table:

Accounts Payable Control Balance (January 1, 2014) 8,236 Less Hale Company Balance 2,690 Janish Company Balance 1,822 January Balance in Valdez Company Subsidiary Account $3,724 (answer)

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