Examlex
ChoiceShirts is an online company that makes made-to-order T-shirts. Its online customers can order their shirts using any downloaded photo inserted into 600 templates or even design a shirt from scratch. This is an example of
Liability Account
An account recording a company's debts or obligations arising from past transactions or events.
Posting
Posting is the process of recording financial transactions from the journal to the respective ledger accounts, providing a detailed account of all business operations.
Journal
A detailed record where all financial transactions of a business are initially recorded before summarizing them into accounts.
General Journal
A basic accounting ledger used to record all the financial transactions of a business.
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