Let's define each term: A cash receipts journal* is a special journal used to record all transactions where a business receives cash. A cash payments journal* is a special journal used to record all transactions where a business pays out cash. Assets* are economic resources owned by a business that are expected to provide future economic benefits. Examples include cash, accounts receivable, and equipment. A liability* is a financial obligation or debt owed by a business to an external party. Examples include accounts payable, loans, and salaries payable. Owners' equity (also known as shareholders' equity or capital*) is the residual claim on the assets of a business after deducting its liabilities. It represents the owners' investment in the business plus any accumulated earnings. 3 done, 2 left today. You're making progress.