Gonzalez Company has a balance in its Accounts Payable control account of $8,250 on January 1, 2022.
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Gonzalez Company has a balance in its Accounts Payable control account of $8,250 on January 1, 2022. The subsidiary ledger contains three accounts: Rye Company, balance $3,000; Keyes Company, balance $1,875; and Colaw Company. During January, the following receivable-related transactions occurred.
Instructionsa.?What is the January 1 balance in the Colaw 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 special journal?
Accounts PayableAccounts 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...
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Accounting Tools For Business Decision Making
ISBN: 9781119571056
7th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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