Examlex
On October 1, Steve's Carpet Service borrows $250,000 from First National Bank on a 3-month, $250,000, 8% note. What entry must Steve's Carpet Service make on December 31 before financial statements are prepared?
Repossesses Collateral
The act of taking back possession of property used as collateral in a loan agreement, typically after a default by the borrower.
Surplus
The amount by which revenues, resources, or supplies exceed what is needed or used; in finance, it refers to profit or the amount by which income exceeds expenditures.
Revised Article 9
An update to the Uniform Commercial Code that deals with secured transactions; it governs the process of securing assets to back a loan.
UCC
The Uniform Commercial Code is a widespread legislative schema that guides all commercial operations in the United States.
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