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Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid by the hour. Under this contract,
Accounting Records
Documents and books that systematically capture all financial transactions of a business, serving as the foundation for its financial statements.
Adjusting Entry
Accounting entries made to update the records for accruals and deferrals that were not recorded during the accounting period.
Bank Loan
A sum of money borrowed from a bank that is expected to be repaid with interest.
Interest Due
The amount of interest payment that must be paid at a scheduled date for borrowed funds.
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