Exercise 7-5 (Part level Submission) Pennington Company has a balance in its Accounts Payable control account of $9,250on 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-

(a) What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $