Pharoah Company has a balance in its Accounts Payable control account of $8,460 on January 1, 2022. The subsidiary ledger contains three accounts: Hale Company, balance $2,970; Janish Company, balance $1,770; and Valdez Company. During January, the following payable-related transactions occurred.     Purchases   Payments   Returns Hale Company   $6,750   $5,990   $ 0 Janish Company   5,060   1,770   3,500 Valdez Company   5,885   6,430   0       What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is