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lubasha [3.4K]
3 years ago
6

In a payday loan, what happens at the date of loan maturity?

Business
2 answers:
natka813 [3]3 years ago
5 0

The answer is <u>"borrower must pay off loan".</u>



Payday loan stores offer a place to turn when individuals have a money crisis, however payday's as yet a couple of days away. Numerous individuals exploit the payday advances offered by non-bank organizations. The loans enable borrowers enough assets to break through to their next payday, at which time the advance and intrigue end up due.  

Payday loans are advertised intensely to individuals who experience issues bringing home the bacon every month. When you begin taking out payday credits, it turns out to be anything but difficult to rely upon them.

Elena L [17]3 years ago
3 0
Borrower must pay off loan
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[The following information applies to the questions displayed below.]
gavmur [86]

Answer:

sup

Explanation:

i know

3 0
3 years ago
"On January 1, MM Co. borrows $360,000 cash from a bank and in return signs an 8% installment note for five annual payments of $
scoray [572]

Answer:

1.Jan 01 Dr Cash 360,000

Cr Notes payable 340,000

2.Interest expense 28,800

Principal Reduction 61,364

Explanation:

MM Co.

1 . Journal entry

Since MM Co. borrows $360,000 cash on January 1 from a bank this means we have to

Debit Cash with the amounts of money he borrowed which is $360,000 and Credit Notes Payable with the same amount.

Jan 01 Dr Cash 360,000

Cr Notes payable 340,000

2. Calculation of the amount goes toward interest expense and Principal reduction

Interest expense 28,800

(360,000*8%)

Principal Reduction 61,364

(90,164-28,800)

5 0
3 years ago
The Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly.
Bond [772]

Answer:

$60 per unit

Explanation:

Total overheads:

= Overheads of fabrication department + Overheads of assembly department

= $90,500 + $109,700

= $200,200

Total labor hours:

= Blinks + Dinks

= (1,013 × 4) +  (1,859 × 5)

= 4,052 + 9,295

= 13,347

Overhead rate per hour = Total overheads ÷ Total labor hours

                                        = $200,200 ÷ 13,347

                                        = $15 per hour

Total overhead cost for blinks:

= Total hours for blinks × rate per hour

= 4,052 × $15 per hour

= $60,780

Overhead cost per unit for Blinks:

= Total overhead cost for blinks ÷ Total units

= $60,780 ÷ 1,013

= $60 per unit

5 0
3 years ago
On April 1, 2016, the premium on a one-year insurance policy was purchased for $3,000 cash with the insurance coverage beginning
Gekata [30.6K]

Answer:

C. Insurance expense will increase $2,250

Explanation:

On April 1 2016, the following journal entry will be recorded in respect of the premium paid on a one year insurance policy:

                                                         Debit                       Credit

Prepaid Insurance                          $3,000

Cash                                                                                  $3,000                                                                                                      

The year end given in this question is December 31, 2016 and the insurance premium is for one year and since the insurance premium is paid on April 1, 2016, therefore, only expense in respect of 9 months i.e. from April 1, 2016 to the December 31, 2016 will be recognised in this year. Remaining expense of three months will be recognised in the Year ended December 31,2017.

The following Journal entry will be recorded in respect of insurance expense in accounts on December 31, 2016.

                                                                   Debit             Credit

Insurance expense(3,000*9/12)               2,250

Prepaid Insurance                                                            2,250                    

So the answer will be C. Insurance expense will increase $2,250

5 0
3 years ago
Mama's Pizza Shoppe borrowed $8,000 at 9% interest on May 1, 2018, with principal and interest due on October 31, 2019. The comp
Luden [163]

Answer:

Explanation:

First, we have to compute the accrued interest amount, then only the adjustment entry would be made.

So,

Accrued interest = (Borrowed amount) × (rate of interest) × (number of months ÷ total number of months in a year)

= $8,000 × 12% × 2 ÷ 12

= $160

The two months is calculated from May 1, 2018 to June 30, 2018

Now, we pass the adjustment entry which is shown below:

Accrued interest expenses A/C Dr

   To Interest payable

(Being adjustment entry of accrued interest is recorded)

5 0
3 years ago
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