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: 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: 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: 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: Terms

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

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

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: 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: 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…

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

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: 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.