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In the 1990s, video recordings were made primarily on tapes. However, in the 2000s DVDs became increasingly popular, leading to a sharp decline in video tapes. As a result, many people who manufactured tapes lost their jobs and didnʹt have the skills necessary to work making DVDs. This occurrence is best consider an example of
Asset Account
An account on a balance sheet that represents a resource with economic value owned or controlled by an individual or business.
Liability Account
An account noted on the balance sheet that represents debts or obligations that a company owes to others and must settle over time.
Posting Reference Column
A ledger column used to indicate the account number or code that corresponds to each entry, facilitating cross-referencing between ledgers.
Journal
A book or digital record where transactions are initially recorded before they are posted to ledgers.
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