Rather than the borrower paying a small rate of interest in each billing cycle like with a credit card, the borrower using a payday loan...

Is eligible to have their loan reduced if they make their first 6 payments on time.

Avoids interest by only taking out small loan amounts.

Pays a fee when they first receive the loan and must repay it to extend.

Pays one lump sum of all their interest after the first year of the loan.

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.