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Transaction
An agreement or exchange between two parties that involves the sale, purchase, or trade of goods, services, or financial assets.
T-Account
A visual representation of a general ledger account that helps in understanding the effects of transactions on account balances.
Account
A document detailing all dealings related to a specific element of the accounting formula.
Trial Balance
A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to ensure equality.
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