Examlex
When the geocentric model of the solar system did not match the observed positions of the planets:
General Ledger
The primary accounting record of a company that uses double-entry bookkeeping, summarizing all transactions into debits and credits.
Allowance Account
A contra asset account that reduces the gross amount of receivables to reflect a more accurate value of expected collections.
Liability Account
An accounting record tracking obligations or debts that a company owes to others.
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