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the credit column of the income statement therefore if we had the loss if the corporate had a loss and what does a loss mean loss means that you've got a lot of expenses than revenues if he had a loss a loss goes below the debit column here i'm thusrry beneath the credit column underneath the financial statement and it goes underneath the debit column of the worksheet this way the worksheet would then balance among balance this is basically a completed worksheet profit on the worksheet a profits is shown on the worksheet where financial statement debit column yes record debit column no not the balance sheet debit column no if it's a internet loss if it's a web loss it'll show on the record debit column profit-and-loss statement credit column no this is often if we've got a web loss income statement debit column affirmative in record credit column additionally affirmative thus check that to browse all your answers before you answer an issue okay therefore that's wherever net income goes and this can be what it's showing here notice here it shows under here and here says what we're locution income statement half the financial statement is prepared from the financial statement column clearly the record and maintained earnings statements ar prepared from the record column obviously and this is the income statement the name of the company the name of the statement and therefore the date bear in mind the date is for a period of time for the statement revenues minus expenses gives United States that income and this can be a review we went over this preserved earnings keep in mind the day is for a amount of your time just like the financial statement starting maintained earnings and net minus dividend offers you ending retained earnings in lucre returning from the financial statement on the balance sheet keep in mind the record is a purpose in time which is one one date we have assets listed then liabilities with U.S.A. them total them then underneath equity we have stock and retained earnings total them liabilities plus equity should be capable the assets this can be what the record is let's take a look at this exercise real fast to ascertain how it works so Susan is

hello associate degreed we have a tendency tolcome to the session this is academic Farhad in this session we have a tendency to're progressing to verify how to prepare a worksheet thus primarily what is a worksheet a worksheet is a multi column form used in getting ready financial statements what's the multi column form basically it's a type that have multiple columns ANd we're planning to see one in action that's planning to facilitate USA illustrate the purpose the worksheet isn't a half of the permanent accounting record essentially it could be a tool which will that we North American natione to assist USA prepare our budget a worksheet could also be processed worksheet exploitation electronic spreadsheet such as stand out or thereforeme people or some companies thereforeme little businesses they still use an actual worksheet with that actual sheet and a pencil however generally speaking most most corporations currently even little companies use thusme style of an accounting computer code it's ready employing a 5-step process and we're gonna see why it's known as 5 steps and the use of a word kit as I told you is a tool and therefore if it's a tool it's facultative so you do not so it's not part that you merely have to be compelled to show to the external users basically the company used the worksheet and also the background to assist them prepare their money statement and what you see on front of you is a worksheet victimization excel essentially this is an surpass file and as you'll tell there is series of columns then it's to be additional specific we decision this the ten column worksheet why thank column you're gonna see we've got ten column it's a ten column worksheet and remember we same it is a 5 step method and it we're gonna check up on why it's known as five step the first step prepare an attempt 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've got another two columns for the adjustments a debit column and a credit column for the adjustment the system to then truly prepare your adjustments you extend it to the adjusted balance or the ultimate trial balance this is often step 3 step four in extend adjustment balances that the suitable statement columns so for instance the incomes below the profit-and-loss statement column you have a debit and a credit and every one the connected debit balances goes to the 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 record and dividend all the balance sheet account plus dividend simply place everything that doesn't go on the operating statement goes below the balance sheet you're gonna say well dividend did not you tell us it isn't a record account it isn't a balance sheet account but for the purpose of the worksheet it's gonna go below the balance sheet comma okay and we're gonna see however it works because beneath the income statement we're gonna be able to calculate profits or internet loss we'll see this in a moment so this can be let's explore an actual balance this can be a shot balance and this can be we're beginning with those figures and in the planet this is often what would happen within the planet if you're employed in a cpa firm the business that you just are working for will offer you simply an effort balance and it'll be unadjusted as a result of all what they did is they unbroken track of older

you complete the complete thing now when you have got your adjusted trial balance you ar ready currently to finish your operating statement and record columns therefore obviously what goes on to the earnings report column the the income statement accounts what are the operating statement account revenues and expenses thus revenues and expenses goes below the earnings report let me highlight them thus you have revenues and expenses use caution although there's caught up some assets and liabilities here that's why I highlighted revenues and expenses it should not be like this expenses ought to be all the way at very cheap but that is okay therefore all the revenues and expenses area unit transferred to the revenues and expenses column okay so notice those area unit the revenues and expenses revenues and expenses the revenues and expenses at now we have a tendency to add up the full debits and total credits on the revenues and expenses so let's plow ahead and do so so the total credit and so the total debit they do not adequate to each other we have a tendency toll we have a tendency toll as a result of our revenues isn't up to our expenses if that is the case then we do not have a profit and that we haven't got a loss here we have additional credits than debits and additional credits means that we've got more revenues than expenses it means that we've a net therefore notice this range here 2860 is net profit we put income under the debit column of the operating statement because once we add the debit plus net profit the debit column plus world wide web income it should equal to our revenue as a result of the expenses and the profit adequate the revenue as a result of revenues minus expenses equal to profit okay so revenues minus expenses up to profit well or we will say revenue up to revenue equal capable expenses and profit thus he gets this can be were spoken communication revenue equal to expenses plus profit okay thus therefore we've got ten thousand 600 now also you transfer all the balance sheet account that are which area unit assets liabilities and dividend which is here you are locution dividend isn't a balance sheet account affirmative it's not a balance sheet account except for the aim of the worksheet you will transfer that account to the balance sheet column okay therefore all the assets money provides prepaid so on and so forth are transferred to the balance sheet now below the record also after you add up the debits and the credits they will not up to one another however what you are doing if you have got a net profit you will take cyberspace income and you transfer lucre to the credit column of the of the worksheet and why the credit column as a result of if it is a lucre it's gonna increase your equity the equity is are listed beneath the credit column therefore once you are doing so then you add up the debit column and the credit column and that they would capable one another currently if it's if it's a loss if it's a loss if it's a loss the loss will go underneath the debit column of the worksheet and

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

balances and that they offer you this worksheet then you've got to finish the changes completely I just regulateed trial balance prepare the financial statements from the earnings report and thus the balance sheet column Associate in Nursingd this is often what you're giving ANd hopefully if you are following my course Associate in Nursingd if you're looking at this course you must apprehend where these balances ar coming back from those area unit the balances that we computed in prior lecture therefore those ar the unadjusted balance --is then from the unadjusted balance is also if you keep in mind from the prior session we prepare the changes are you locution why do not we reconsider these adjustments we have a tendency to prepare all these adjustments go back to the course and consider those adjustments if you are interested thus adjusted supplies prepaid we have a tendency to book depreciation we have a tendency to adjust an honorary revenue we tend to we tend to increased revenues we have a tendency to accrued expenses those are the adjustments then after we've the adjustments what we tend to do is we tend to we associated place the adjustments all on this worksheet for example adjustment a supplies used we tend to credit provides we tend to credit provides underneath the credit card and currently we tend to're operating below the adjustment column we have a tendency to're operating beneath the adjustment column we credit the supplies and that we tend to debited supplies expense this can be the for provides for B it's insurance terminated we have a tendency to attributable prepaid insurance and that we debited insurance expense that is the adjustment adjustment C it's for depreciation expense we debited depreciation expense and we tend to credited accumulated depreciation dealings D service revenue recognized we debited a we credited an we attributable service revenue and that we debited unearned revenue thus on and therefore forth so those are the adjustments that we ready in the prior chapter therefore basically what it is we're inputting of these changes and spot you can see all of them on a similar page currently after obviously when you prepare your changes you're gonna get to the adjusted balance column the adjusted balance column what would you see there you would see be adjusted numbers the adjusted number and see notice that the trial balance the balance total debits equal total credits the changes total debits equal total credits as a result of for each debit we need the corresponding credit and underneath the adjusted balance we'd like also to possess a balance as a result of it's an adjusted balance it should balance currently however do we prepare the adjusted trial balance we'll take our beginning balances beneath the trial balance either add or deduct regardless of the situation could be add or cypher the adjustments then get to the adjusted trial balance as an example money there was no changes there for money transfer as 15200 provides we attributable provides primarily crediting an asset would reduce the acid so the ending balance is a thousand so we started with two thousand five hundred minus fifteen hundred as a result of it is an asset paid identical thing we started with 600 minus fifty unearned revenue we started with one thousand 2 hundred minus 400 as a result of it's it's a liability and we debited the liability thus the ending balance is eight hundred notice accounts due is the same wasn't adjusted notes collectable was not adjusted they are the same common stock wasn't 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 credited revenue again D and E each attributable revenue therefore the ending balances ten thousand 600 so primarily what you do is you're taking the beginning 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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