What is the balance in your margin account at the end of Wednesday? The correct answer is B. 1500 - Could you please explain why 1500 is the correct answer.

Q: On January 1, 2020, Aggie Company purchased a building for $65,000, making a cash down payment of…

A: Interest Expenses:- It is an amount which one pays over the principal amount of loan or mortgage…

Q: BALAH TRANS DATE WITHDRAWAL DEPOSIT CODE 0.00 T16/17 Balance Forwar ded 100.00 26576 DP 011617 2…

A: In the present case, The compounding frequency can be determined by finding the number of times each…

Q: Beginning balance + interest charged+purchases- minimum payment Ending balance The ending balance…

A: Beginning balance = 656 Yearly interest = 24 % Monthly interest = 2 % i.e, ( 656 x 2 % = 13.12 )…

Q: A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due…

A: Uncollectible amount = Accounts receivables amount * Percent uncollectible

Q: When would Runway record the $25 Referral Credit? What are the entries Runway would record when the…

A: Journal: Recording of a business transactions in a chronological order.

Q: ! Required information [The following information applies to the questions displayed below.]…

A: Notes Receivable -Notes Receivable is an instrument issued by the payer and accepted by receiver. It…

Q: You are given the following account summary: Time Balance Deposit Withdrawal 1,000 1,020 1.110…

A: Following is the answer to the given question

Q: he Tomac Swim Club arranged short-term financing of $12,500 on July 20 with the Bank of Commerce and…

A: Interest =Amount of loan *rate of interest *period

Q: Term of a Note Calculate total time in days for the following notes. (Assume there are 28 days in…

A: A note is a financial security that obligates a borrower to pay a borrowing within a certain time…

Q: Required Information Use the following information for the Exercises 18-19 below. (Static) [The…

A: Notes Receivable is a ledger used to record the current assets if issued for not more than a year.…

Q: Complete the following: (Do not round intermediate calculations. Round your final answers to the…

A: Discount is given by the seller to the purchaser against advance payment. Discount is already given…

Q: Find the balance due: Amount of invoice: $600 Terms: 2/10, 1/15, n/30 Date of invoice: September…

A: Step 1:- Calculate the discount for the first term (2/10): Discount = Invoice Amount * (Discount…

Q: 69 $ Amount of payment to be credited 400.00 $ Balance outstanding 400.00

A: An invoice, a document sent from a seller to a buyer, outlines the items or services exchanged,…

Q: 3. Show how the bond interest expense and the bonds payable should be reported on the annual…

A: Bond is a financial instrument which is used for the purpose of borrowing by the company. The one…

Q: Crane Inc's bank statement from Western Bank at August 31, 2025, shows the following information.…

A: A Bank Reconciliation Statement is prepared to know the causes of the difference between the…

Q: What’s the difference between accounts payable and receivable

A: You will have to deal with accounts payable and receivable if you utilise the accrual accounting…

Q: You received invoices from Global Inc. dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1…

A: Cash discounts: Traders provide a certain discounts to their customers when the invoice payment is…

Q: JenStar received an invoice of $7,645 dated September 10 with terms 2/10, n15. JenStar paid $2.500…

A: Data given:: Invoice amount= $7,645 Date of invoice = September 10 Terms: 2/10, n/15 Payment date…

Q: You received invoices from Global Inc. dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1…

A: Credit terms of 3/10, n/30 indicates that a 3% discount will be received if the payment is made…

Q: Complete the following: Note: Do not round intermediate calculations. Round your final answers to…

A: Trade credit occurs between two businesses in which the seller of the goods agrees to take the cash…

Q: Accounts payable turnover days (Use 365 days. Round your answer to nearest whole number.)

A: Cost of good sold=3865.20Account payable=$442 and $461.50Assume=365 days

Q: Complete the following table by calculating the missing amounts (indicated as A- E). Round to two…

A: Amount Excluding VAT VAT Amount Amount Including VAT R1304.04 R1499.65 - R1304.04 = R195.61…

Q: Term of a Note Calculate total time in days for the following notes. (Assume there are 28 days in…

A: 1) Time in days = 22 days of May + 30 days of June + 17 days of July = 69 days 2) Time in days = 13…

Q: Complete the following: (Do not round intermediate calculations. Round your final answers to the…

A: Note: 5/10, n/60: Here, 5 represents the discount rate if payment is made within ten days. And if…

Q: An invoice for RO 65,000 and dated February 20th with the terms 7/13, EOM is received. The bill is…

A: Explanation of the credit terms: The credit terms are 7/13, EOM which means that 7% of discount will…

Q: Terms

A: Discount allowances go a long way in getting early payments. Although the vendor has to forego a…

Q: The company determines that the interest expense on a note payable for the period ending December 31…

A: Lets understand the basics. Journal entry is required to make to record an event and transaction…

Q: Enter the following information into a manual journal with credits/debits:

A: The accrual basis of accounting is the method by which revenues and expenses are recognized when…

Q: Determine the number of days of the loan. Loan Date Due Date Number of Days June 24 October 12

A: Given, Loan date is June 24 Due date is October 12.

Q: Calculate AD Line from the following  (Photo) (Note: Take only upto 2 decimals as it appears on…

A: Calculation of Money flow: Step 1: Calculate Typical price : (high + low + close) / 3 Step 2 :…

Q: 5. Determine the number of days of the loan. Loan Date Due Date Number of Days March 8 July 22

A: Loan date = March 8 Due date = July 22

Q: Then, prepare the journal entry assuming the payment is made within 10 days (the discount period).

A: Formula: Net sales = Sales - discount where, Discount = Sales x discount rate

Q: Part 1: Prepare a General Journal entry for the following transaction: On December 17, On Your Mark…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: BUS 038 : Business Computations 8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make…

A: Invoice amount = $75.20 Discount rate if payment within 10 days = 3% Discount rate if payment within…

Q: was 107o. uring the first month, Tamara collected $220 Rer deducting $760 of discounts. Tamara…

A: Solution:- Journal entries To record receiving cash from accounts receivable   Cash    account…

Q: Calculate the average number of days required by each company to collect its receivables. (Round…

A: Solution   The average collection period ratio shows the average number of days for which a…

Q: Directions: Review the timecard below and read the situation to the right of the timecard to answer…

A: The daily totals on the can be computed by adding the morning shift and day shift and overtime shift…

Q: An invoice dated March 28 for $4,435.56 has terms 1-/15, n/45. A payment was made on April 11 which…

A: Credit terms is the time period indicating when the payment for the credit purchase will be due to…

Q: Journalize the following transactiIons for the Scott Company. Assume 360 days per year. November 4:…

A: Solution: Date Account title Debit Credit 04-Nov Note Receivable  6500.00           Accounts…

Q: Aman gets an invoice for $460 with terms 3/10, 1/15, n/30. How much would he pay 8 days after the…

A: 3/10 indicates that if the payment is made within 10 days, a discount of 3% is allowed. 1/15…

Q: Invoice Amount 1. $136,294.57 2. $98,482.75 3. $48,190.38 Invoice Date January 14 September 28…

A: 1. Invoice amount = $136,294.57 Invoice Date = 14 January  Payment Terms = 2/10, n/30 Payment made…

Q: _5. A finance charge is applied to your charge account each month whether you have an unpaid balance…

A: Finance charges are a form of compensation to the lender for providing the funds/credit to a…

Q: Please select the correct journal entry for it O Dr Dr Dr Dr Cr Cr Cr Interest expenses (p&l)…

A: The adjustment entries are prepared to adjust the revenue and expense of the current period. The…

Completing the Accounting cycle

An accounting cycle is a multiple-step process that analyzes, verify, record and summarize the entities financial data. The accounting cycle starts when the transaction occurs between two parties and ends when the transaction is completed. The accounting cycle changes the entity's financial position as it involves identifying, verifying, and recording the financial transaction in chronological order. Financial position is the summary of business transactions that occurred throughout the particular accounting period. The accounting cycle recurs at the beginning of each financial year.