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Mary has been going through some difficult times and needs some extra money. She works as a fresh produce inspector in Florida, inspecting oranges for major growers. On her word, thousands of tons of oranges would have to be discarded for failing to pass a health inspection. She suggests to the owner that she could "fix" it so he need never worry about ever failing an inspection.
Journal Entry
A journal entry is a record of a financial transaction in the accounting records, showing the accounts and amounts to be debited and credited.
Discount on Bonds Payable
The difference between the face value of a bond and the price for which it sells when the bond's market value is lower than its face value.
Installment Note
A debt instrument that requires regular payments, or installments, of principal and interest over a set period, until the debt is fully repaid.
Journal Entry
A record in accounting that shows a business transaction and its effect on the accounts, typically involving a debit and credit.
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