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An inversion
Withdrawals
Sums of money withdrawn by the business owner(s) for private expenses.
General Journal
A basic accounting record used to keep track of all business transactions not recorded in specialized journals.
Account Titles & Descriptions
Names and explanations assigned to individual accounts in the financial statements, reflecting the nature and type of transaction.
Balance
A balance in financial terms refers to the amount of money or value remaining in an account, or the equality between the sum of debits and credits in an accounting record.
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