Examlex
The business provided services to a cash customer. To record this,
Obligation
A legal or moral duty to do or not do something, often arising from a contract or promise.
Debtor
An individual or entity that owes a debt to another party, typically as a result of borrowing money or failing to pay for goods or services received.
Creditor
An entity or person to whom a debt is owed by another entity or person, known as the debtor.
Plan of Reorganization
A plan of reorganization outlines the process by which a company in bankruptcy will restructure its debts and operations to emerge from bankruptcy protection.
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