Examlex
A post-closing trial balance is a list of all accounts and their balances after we have updated account balances for adjusting entries.This is an adjusted trial balance.
Creditor
An entity or person that lends money or extends credit to another party, expecting to be repaid in the future.
Liability
A financial obligation or debt owed by a company to another entity, payable in the form of money, services, or goods, recorded on the right-hand side of the balance sheet.
Accounting Equation
The fundamental principle of accounting that states that assets equal liabilities plus owners' equity, serving as the foundation for double-entry bookkeeping.
Liability
Debts or financial duties a business is responsible for paying back to other entities, which require settling by transferring economic resources over a period.
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