Homework Answers
Answer 1: Balance in the Valdez Company subsidiary account = $3,980
Explanation:
January 1 balance in the Valdez Company subsidiary account
= Beginning balance in Accounts Payable control account - Hale Company, balance - Janish Company, balance
= $8,690 - $2,870 - $1,840 = $3,980.
Answer 2: Balance in the control account = $11,405
Explanation:
| Purchase | Payments | Return | |
| Hale Company | 7,230 | 5,670 | |
| Janish Company | 5,280 | 1,840 | 2,870 |
| Valdez Company | 6,745 | 6,160 | |
| Total | 19,255 | 13,670 | 2,870 |
Balance in the control account January 31 :
Beginning balance in Accounts Payable control account + Total Purchase - Total Payments - Total Return
= $8,690 + $19,255 - $13,670 - $2,870 = $11,405
Answer 3:
The balances in the subsidiary accounts at the end of the month
| Hale Company | $4,430 |
| Janish Company | $2,410 |
| Valdez Company | $4,565 |
Explanation:
The balances in the subsidiary accounts at the end of the month = Companys ' Beginning balance + Purchase - Payments - Return
Hale Company = $2,870 + $7,230 - $5,670 = $4,430
Janish Company = $1,840 + $5,280 - $1,840 - $2,870 = $2,410
Valdez Company = $3,980 + $6,745 - $6,160 = $4,565
Answer 4. January transaction would not be recorded in a special journal : Purchase return ($2,870)
Explanation: Purchase returns are recorded in general journal, thus purchase return transaction would not be recorded in a special journal
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