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preparing the worksheet explain to Susan how she should extend the following adjust the trial balance accounts to the financial statement column so basically you're gonna tell show Susan would with cash go the adjusted cash balance go well cash goes it's a balance sheet account and cash is an asset therefore it's a balance sheet and it's a debit column because it's an asset acuity depreciation is a balance sheet account but it's a credit column because it's a contra asset accounts payable is a balance sheet account but it's a credit column because it's a liability dividend now dividend it goes under the balance sheet column but it's not a balance sheet account and it has a debit column remember dividend this is a retained earning accounts who goes on the retained earnings statement service revenue revenue goes under the income statement and revenue takes a credit and wages expense expenses goes on the income statement and they take a debit so hopefully by this exercise you would kind of reinforce what you have learned in this session if you have any questions any comments by all means email me or see me in class make sure to study

the credit column of the income statement thus if we tend to had the loss if the corporate had a loss and what does a loss mean loss suggests that you have additional expenses than revenues if he had a loss a loss goes below the debit column here i am thereforerry under the credit column under the earnings report and it goes below the debit column of the worksheet this way the worksheet would then balance among balance this is primarily a completed worksheet earnings on the worksheet a profit is shown on the worksheet where financial statement debit column yes balance sheet debit column no not the record debit column no if it's a net loss if it is a internet loss it will show on the balance sheet debit column statement credit column no this is if we've got a net loss income statement debit column affirmative in balance sheet credit column conjointly yes thus check that to read all your answers before you answer an issue okay thus that is where information superhighway income goes and this is what it's showing here notice here it shows below here and here says what we're locution financial statement half the income statement is ready from the earnings report column obviously the balance sheet and preserved earnings statements are prepared from the record column obviously and this can be the financial statement the name of the company the name of the statement and the date bear in mind the date is for a period of your time for the operating statement revenues minus expenses gives America that income and this is a review we went over this maintained earnings remember the day is for a period of your time similar to the statement starting maintained earnings plus income minus dividend provides you ending retained earnings in net profit coming from the profit-and-loss statement on the balance sheet bear in mind the record is a point in time which is one one date we've assets listed then liabilities with United States of America them total them then underneath equity we've common shares and retained earnings total them liabilities plus equity should be equal to the assets this is often what the balance sheet is let's take a look at this exercise real quick to see however it works so Susan is

you complete the complete thing now when you have got your adjusted trial balance you square American stateasure ready now to complete your statement and balance sheet columns so obviously what goes on to the financial statement column the the operating statement accounts what area unit the profit-and-loss statement account revenues and expenses therefore revenues and expenses goes under the operating statement let me highlight them so you have revenues and expenses use caution tho' there's necessitated thusme assets and liabilities here that is why I highlighted revenues and expenses it shouldn't be like this expenses should be all the way at very cheap but that is okay thus all the revenues and expenses area unit transferred to the revenues and expenses column okay so notice those square measure the revenues and expenses revenues and expenses the revenues and expenses at this point we have a tendency to add up the overall debits and total credits on the revenues and expenses so let's go ahead and do thus therefore the total credit and therefore the total debit they do not up to one another we tend toll we tend toll as a result of our revenues isn't adequate our expenses if that is the case then we do not have a profit and we haven't got a loss here we've more credits than debits and more credits means that we've got more revenues than expenses it means we have a profits therefore notice this range here 2860 is net we place net income beneath the debit column of the income statement because once we add the debit and net income the debit column and cyber web income it ought to capable our revenue as a result of the expenses and the profit capable the revenue as a result of revenues minus expenses capable profit okay therefore revenues minus expenses capable profit well or we are able to say revenue adequate revenue equal adequate expenses plus profit thus he gets this is were spoken communication revenue adequate to expenses and profit okay so so we've ten thousand six hundred now additionally you transfer all the record account which are which are assets liabilities and dividend that is here you're oral communication dividend is not a record account yes it is not a balance sheet account except for the aim of the worksheet you may transfer that account to the record column okay so all the assets money supplies prepaid therefore on and then forth are transferred to the balance sheet currently below the balance sheet also after you add up the debits and therefore the credits they're going to not adequate to each other however what you are doing if you have got a net you will take internet income and you transfer earnings to the credit column of the of the worksheet and why the credit column as a result of if it is a profits it's gonna increase your equity the equity is are listed below the credit column therefore once you do so then you add up the debit column and also the credit column and that they would adequate to each other now if it's if it is a loss if it's a loss if it is a loss the loss will go underneath the debit column of the worksheet and

hello associated we have a tendency tolcome to the session this is often academician Farhad during this session we're going to verify how to prepare a worksheet thus essentially what is a worksheet a worksheet is a multi column type utilized in making ready financess what's the multi column form essentially it's a kind that have multiple columns associated we're going to see one during action that is planning to help USA illustrate the purpose the worksheet is not part of the permanent accounting record essentially it's a tool that can that we Americae to help America prepare our plan a worksheet may be processed worksheet mistreatment electronic spreadsheet like surpass or thusme individuals or some firms thereforeme small businesses they still use Associate in Nursing actual worksheet with that actual sheet and a pencil however generally speaking most most firms now even small firms use some sort of an accounting computer code it's ready employing a five-step method and we're gonna see why it's referred to as 5 steps and also the use of a word kit as I told you is a tool and therefore if it's a tool it's elective so you don't so it isn't part that you have to be compelled to show to the external users essentially the company used the worksheet and therefore the background to help them prepare their financial statement and what you see on front of you is a worksheet exploitation surpass primarily this can be an stand out file and as you can tell there's series of columns then it's to be more specific we call this the ten column worksheet why convey column you're gonna see we have ten column it's a ten column worksheet and keep in mind we said it's a five step method and it we're gonna verify why it's referred to as five step the 1st step prepare an endeavor balance on the worksheet this is often the first step so this is the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you have got another 2 columns for the adjustments a debit column and a credit column for the adjustment the system to then actually prepare your adjustments you extend it to the adjusted balance or the final trial balance this is step three step four in extend adjustment balances that the appropriate statement columns so as an example the incomes below the profit-and-loss statement column you've got a debit and a credit and every one the related debit balances goes to the profit-and-loss statement column like like expenses within the revenues that our credit goes to the credit balance and you've got a record column that has debit column and credit column and all the balance sheet and dividend all the balance sheet account plus dividend simply put everything that doesn't persist the earnings report goes under the record you're gonna say well dividend didn't you tell us it's not a balance sheet account it is not a record account but for the aim of the worksheet it's gonna go below the balance sheet comma okay and we're gonna see how it works as a result of under the income statement we're gonna be able to reason net profit or internet loss we'll see this during a moment so this is let's verify an actual trial balance this is a shot balance and this is we're starting with those figures and in the real world this is what would happen in the universe if you work in a cpa firm the business that you simply are working for will give you simply a trial balance and it will be unadjusted because all what they did is they kept track of older

balances and that they offer you this worksheet then you have got to complete the changes completely I simply regulateed balance prepare the monetary statements from the statement and so the balance sheet column Associate in Nursingd this can be what you're giving and hopefully if you're following my course Associate in Nursingd if you're looking at this course you must recognize where these balances square measure coming from those ar the balances that we have a tendency to computed in previous lecture so those are the unadjusted trial balance --is then from the unadjusted balance is also if you bear in mind from the previous session we tend to prepare the changes are you expression why don't we have a tendency to go over these changes we have a tendency to prepare all these adjustments return to the course and consider those adjustments if you're interested thus adjusted provides postpaid we tend to book depreciation we have a tendency to adjust an unearned revenue we we have a tendency to increased revenues we have a tendency to increased expenses those are the adjustments then after we've got the changes what we have a tendency to do is we we tend to Associate in Nursingd put the changes all on this worksheet for example adjustment a provides used we credit supplies we credit supplies below the credit card and currently we're working under the adjustment column we tend to're working beneath the adjustment column we have a tendency to credit the provides and that we debited supplies expense this can be the for provides for B it's insurance invalid we tend to credited prepaid insurance and we have a tendency to debited insurance expense that's the adjustment adjustment C it's for depreciation expense we tend to debited depreciation expense and we tend to credited accumulated depreciation dealings D service revenue recognized we have a tendency to debited a we have a tendency to credited an we credited service revenue and that we debited unearned revenue therefore on then forth thus those are the changes that we ready in the prior chapter therefore primarily what it's we're inputting of these adjustments and see you'll see all of them on the same page currently when obviously once you prepare your changes you are gonna get to the adjusted trial balance column the adjusted balance column what would you see there you'd see be adjusted varietys the adjusted number and notice notice that the balance the balance total debits equal total credits the adjustments total debits equal total credits as a result of for each debit we need the corresponding credit and underneath the adjusted balance we need also to own a balance as a result of it's an adjusted trial balance it should balance currently however will we prepare the adjusted trial balance we'll take our beginning balances underneath the balance either add or figure whatever the situation is add or subtract the changes then get to the adjusted trial balance for instance cash there was no changes there for cash transfer as 15200 provides we credited provides primarily crediting an plus would reduce the acid thus the ending balance is a thousand therefore we started with two thousand 5 hundred minus fifteen hundred as a result of it is an asset postpaid the same thing we started with six hundred minus fifty unearned revenue we started with one thousand 2 hundred minus four hundred as a result of it's it's a liability and that we debited the liability so the ending balance is eight hundred notice accounts collectible is a similar was not adjusted notes owed wasn't adjusted they're the same common shares was not adjusted it's the same dividend not adjusted is the same service revenue we started with ten thousand then it's a credit the credit for revenue is a rise we credited revenue and we attributable revenue again D and E each credited revenue therefore the ending balances ten thousand six hundred so basically what you are doing is you are taking the start balance if it's an expense and you debit an expense and expense increase that is your ending balance okay and

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