Fraud Investigators Inc. operates a fraud detection service. On March 31, 10 customers were billed for detection services totaling $20,000. On October 31, a customer balance of $1,250 from a prior year was determined to be uncollectible and was written off. On December 15, a customer paid an old balance of $750, which had been written off in a prior year. On December 31, $450 of bad debts were estimated and recorded for the year. Required: Prepare journal entries for each transaction above.

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In a fixed-term, level-payment reverse mortgage, sometimes called a reverse annuity mortgage, or ram, a lender agrees to pay the homeowner a monthly payment, or annuity, and expects to be repaid from the homeowner’s equity when he or she sells the home or obtains other financing to pay off the ram. consider a household that owns a $150,000 home free and clear of mortgage debt. the ram lender agrees to a $100,000 ram for 10 years at 6 percent. assume payments are made annually, at the beginning of each year to the homeowner. calculate the annual payment on the ram.

What is the difference between the contractual interest rate and the market interest rate?