Chia Vang Company has a balance in its Accounts Payable control account of $8,250 on January 1,

Question:

Chia Vang Company has a balance in its control account of $8,250 on January 1, 2014. The subsidiary ledger contains three accounts: Tym Company, balance $3,000; Keyes Company, balance $1,875; and Byrne Company. During January, the following receivable-related transactions occurred.

Chia Vang Company has a balance in its Accounts Payable

Instructions
(a) What is the January 1 balance in the Byrne Company subsidiary account?
(b) What is the January 31 balance in the control account?
(c) Compute the balances in the subsidiary accounts at the end of the month.
(d) Which January transaction would not be recorded in a specialjournal?

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...