Trim

The Trim command, located on the Modify toolbar, is used to get rid of any extra lines in your drawing if you have moved something around or accidentally made something too long.

The first thing you will need to do is select any items involved in the trim command.  You aren't just selecting the items you want to trim, you also have to select the item that intersects whatever you are trimming.

   
Once everything is selected, hit enter and begin selecting areas you want to trim off.  Whichever half of the line you click on will be the part that is erased from the drawing.  You can see the cursor hovering over the right portion of the middle line, which is about to be erased.
   
After everything is trimmed, hit enter to finish the command