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Purchases
Payments
Returns
(a)
What is the January 1 balance in the Valdez Company subsidiary account?
Pennington Company has a balance in its Accounts Payable control account of $9,250 on
January 1, 2014. The subsidiary ledger contains three accounts: Hale Company, balance
$3,000; Janish Company, balance $1,875; and Valdez Company. During January, the
following payable-related transactions occurred.
Purchases Payments Returns
Hale Company $6,750 $6,000 $ -0-
Janish Company 5,250 1,875 2,250
Valdez Company 6,375 6,750 -0-
Solution
Pennington Company Accounts Payable control account is $9,250 - $3,000 Hale Company
balance - $1,875 Janish Company balance
=$4,375
January 1 balance in the Valdez Company subsidiary account is $4,375.
______________________________________________________________________________
________
Purchases Payments Returns (a) What is the January 1 balance in the Va.docx

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Purchases Payments Returns (a) What is the January 1 balance in the Va.docx

  • 1. Purchases Payments Returns (a) What is the January 1 balance in the Valdez Company subsidiary account? Pennington Company has a balance in its Accounts Payable control account of $9,250 on January 1, 2014. The subsidiary ledger contains three accounts: Hale Company, balance $3,000; Janish Company, balance $1,875; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $6,750 $6,000 $ -0- Janish Company 5,250 1,875 2,250 Valdez Company 6,375 6,750 -0- Solution Pennington Company Accounts Payable control account is $9,250 - $3,000 Hale Company balance - $1,875 Janish Company balance =$4,375 January 1 balance in the Valdez Company subsidiary account is $4,375. ______________________________________________________________________________ ________