Direct Loan Servicing Directions: Review the following scenario and answer the questions...
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Accounting
Direct Loan Servicing
Directions: Review the following scenario and answer the questions that follow. Scenario: The farm loan office receives a check in the amount of $20,500 from the sale of corn. The check is dated November 5th. The borrower brings the check In on November 8th. The purpose listed on FSA-2040 indicates that the use of proceeds is to make FSA installments. The borrower has two FSA loans and a protective advance to pay real estate taxes: 1. What is the payment date of credit? 2. What is the priority of application and what amount would be applied to each loan? (Enter your answers in the table above.)
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