Short answers, pulled from the story.
The Treaty of Versailles was signed on the 28th of June 1919 in the Hall of Mirrors at the Palace of Versailles, exactly five years after the assassination of Archduke Franz Ferdinand. Most of the negotiations had taken place in Paris at the French Foreign Ministry on the Quai d'Orsay.
Article 231 of the Treaty of Versailles, known as the War Guilt clause, required Germany to accept responsibility for causing all loss and damage suffered by the Allied governments as a consequence of the war imposed upon them by German and Allied aggression. Germany was required to pay reparations based on this accepted liability.
The Reparation Commission established a public total of 132 billion gold marks from all Central Powers in May 1921, but its genuine assessment of what Germany alone could pay was 50 billion gold marks. Germany was also required to pay an initial equivalent of 20 billion gold marks while the final sum was being determined.
The Republican-controlled Senate never ratified the treaty. A bloc of 12-18 "Irreconcilables" fiercely opposed it, and the largest Republican bloc, led by Senator Henry Cabot Lodge, demanded reservations especially on Article 10 so that the League of Nations could not draw the US into war without Congressional consent. President Wilson refused to accept any reservations and suffered a serious stroke while campaigning for ratification. The US instead made a separate peace with Germany, the US-German Peace Treaty signed in Berlin on the 25th of August 1921.
The treaty stripped Germany of 25,000 square miles of territory and 7 million people. Germany lost Alsace-Lorraine to France, Pomerelia (the Polish Corridor) and portions of Upper Silesia to Poland, Shandong concessions to Japan, and its overseas colonies, which became League of Nations mandates administered by Allied states.
Germany made its final payments under the Versailles treaty in 2010. The debt had been reduced by 50 percent at the 1953 London Debt Conference. Adolf Hitler had cancelled all reparations payments in 1933, and no further payments were made until after the defeat of Nazi Germany in the Second World War.