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Journal
A log where every financial transaction is first recorded in the order of occurrence.
Total Liabilities
The sum of all financial obligations a company owes to outside parties, including loans, bonds payable, and accounts payable.
Ledger
A book or other collection of financial accounts of a particular type, where transactions are recorded.
Normal Balances
The side (debit or credit) of an account that is increased, reflecting the account's natural balance.
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