MGMT 20000 Lecture Notes - Lecture 11: Current Liability, General Ledger, Trial Balance

• School: Purdue University
• Department: Management
• Course: MGMT 20000
• Professor: Frank Kane

Document Summary

Lists all account balances after updating them for adjusting entries. Prepared after posting the adjusting entries to the general ledger iclicker questions. During the month of january, expert law services, inc. provided legal services of ,000 to a client that were not billed. Once the adjusted trial balance is complete, financial statements are prepared. Current assets are assets that provide a benefit to a company over more than one year. An advantage of a classified balance sheet is that it is easy to see.