Examlex
You have graduated from law school, passed the bar, and opened your own law firm. The first phone call to your office comes from a mother begging you to handle an appeal for her son, who has been sentenced to life in prison under a "three strikes and you're out law." This law mandates a life sentence for any three criminal convictions. Your state has no death penalty, so this is the worst sentence that he can receive. You agree to hear the case and the mother says she will be there in ten minutes to hand you the file. You decide to use the ten minutes before her arrival researching Supreme Court case law in "three strikes" cases; in the process you envision possibilities of what this client might have done.
-Let's say your client turned out be a juvenile and this life sentence includes no chance for parole and was imposed as a "mandatory sentence."
Journal Entry
A record of a financial transaction in an accounting system, noting the accounts and amounts debited and credited.
Interest Expense
The cost incurred by an entity for borrowed funds, often expressed as an annual percentage of the principal.
Discount on Bonds Payable
The difference between the face value of a bond and its selling price, when the bond is sold for less than its face value.
Cash
Money in the form of coins or banknotes, especially that of a country or a particular denomination.
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