On September 23, Gensil Company Buys 40 Contracts on the Chicago

On September 23, Gensil Company buys 40 contracts on the Chicago Board of Trade to deliver orange juice to a certified warehouse in November.Each contract is in units of 15,000 pounds at a futures price of $0.851 per pound.The initial margin on the contract is set at $18,000, with a maintenance margin of $14,000.The futures prices are as follows:
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$$\begin{array} { r r r } \text { Sept. } 23 & \text { Sept. } 24 & \text { Sept. 25 } \\\$ 0.851 & \$ 0.847 & \$ 0.850\end{array}$$
Required:
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a.Journalize the entries for Gensil Company for the first three days of the contract.?
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b.What is meant by the maintenance margin and how could it affect Gensil Company?