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1 : the transfer of an entry or item from a book or file of original entry to the proper account in a ledger
: the record produced by such a transfer
2 : the actual crediting or debiting of an account (as in payment of a draft) [charged interest from the date of the credit card transaction]
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.