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Normal Account Balance
The typical or expected balance of an account, where asset and expense accounts are usually debit balances and liability, equity, and revenue accounts are credit balances.
Revenue Account
An account that tracks the income a company generates from its business activities.
Compound Entry
An accounting entry that involves more than two accounts, recording multiple debits and/or credits in a single transaction.
Journal
A detailed record of all the financial transactions of a business, which are initially documented before summarizing in the ledger.
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