Transaction Log files is maintained for every Applications database. If in a database mutilple users is making changes to the same data at the same time, the changes to data will be first write to Transaction Log file and then the change will be applicable to the Database. So that data will not be corrupted and entries of data will be made in order the changes are made.
Whenever an email is sent, received or deleted, the information about that transaction will be recorded to Transaction Logs and then immediately to the database. The time difference between these two process is in milliseconds. The single purpose for which Exchange server writes the Transaction Logs is Data Recovery.
Default location of Exchange server log and database:
Transaction Log Location
C:\Program Files\Exchsrvr\mdbdata
Exchange database Location:
C:\Program Files\Exchsrvr\mdbdata\priv1.edb
This video explains the working and complete processing of Exchange Log Analyzer to view and recover deleted Exchange Log files.
System Requirements
Supported Versions