Getting a Current Liabilities Balance
Now that a structure for journals and ledgers has been defined, it is straightforward to move amounts for liabilities into the Balance Sheet (see Figure 4.10).
Figure 4.10. The Balance Sheet for Bell Books, June 2002 (liabilities and owner's equity), links directly to the General Ledger's asset and liability accounts.
Both Notes Payable and Accounts Payable are copied from their General Ledger balances to the Balance Sheet.
Although this example illustrates only two types of liability, Accounts Payable and Notes Payable, there are other types of liability that you might need to account for in your ledger accounts. ...
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