Chia Vang Ltd. has a balance in its Accounts Payable control account of NT$247,500 on January 1,

Question:

Chia Vang Ltd. has a balance in its control account of NT$247,500 on January 1, 2017. The subsidiary ledger contains three accounts: Tym Ltd., balance NT$90,000; Keyes Ltd., balance NT$56,250; and Byrne Ltd. During January, the following purchase-related transactions occurred.
Purchases Payments Returns
Tym Ltd...............NT$196,500...........NT$180,000...............NT$ -0-
Keyes Ltd....................157,500.................52,000..................69,000
Byrne Ltd...................191,250...............202,500.....................-0-
Instructions
(a) What is the January 1 balance in the Byrne Ltd. 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 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...