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Journalizing Transactions
The process of recording financial transactions in a company's accounting records, or journals, in chronological order.
Balance Sheet
A statement that outlines an enterprise's assets, liabilities, and the equity held by shareholders, pinpointed to a specific time frame.
Equity Changes
Refers to the alterations in the owners' equity over a specific period due to net income, dividend payments, and capital injections.
Compound Entry
An accounting entry that involves multiple debits and/or credits in a single journal entry, typically used when a transaction affects more than two accounts.
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