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hello Associate in Nursingd we have a tendency tolcome to the session this is often professor Farhad during this session we have a tendency to're progressing to cross-check the way to prepare a worksheet so essentially what is a worksheet a worksheet could be a multi column form used in making ready financial statements what's the multi column kind essentially it may be a kind that have multiple columns ANd we tend to're attending to see one during action that is attending to help United States of America illustrate the point the worksheet is not part of the permanent accounting record primarily it's a tool that can that we USAe to help North American country prepare our financial statement a worksheet is also computerized worksheet victimization electronic computer program like stand out or thereforeme folks or thereforeme companies some tiny businesses they still use AN actual worksheet with that actual sheet and a pencil but typically speaking most most firms now even little corporations use thereforeme variety of an accounting software system it's prepared employing a five-step method and we're gonna see why it's known as five steps and also the use of a word kit as I told you is a tool and therefore if it is a tool it's optional so you don't so it isn't part that you have to show to the external users essentially the corporate 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 using excel basically this can be an excel file and as you'll be ready to tell there's series of columns then it's to be a lot of specific we call this the ten column worksheet why impart column you're gonna see we've ten column it's a ten column worksheet and remember we aforementioned it is a five step process and it we're gonna verify why it's known as five step the first step prepare an endeavor balance on the worksheet this is often the first step so this can be the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you have got another two columns for the adjustments a debit column and a credit column for the adjustment the system to then actually prepare your changes 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 appropriate statement columns so for example the incomes below the income statement column you've got a debit and a credit and every one the connected debit balances goes to the income statement column like such as expenses within the revenues that our credit goes to the credit balance and you have a balance sheet column that has debit column and credit column and every one the record and dividend all the record account plus dividend simply put everything that doesn't go on the profit-and-loss statement goes underneath the record you're gonna say well dividend didn't you tell us it isn't a balance sheet account it is not a record account except for the purpose of the worksheet it's gonna go below the record comma okay and we're gonna see how it works because under the statement we're gonna be able to cypher earnings or internet loss we'll see this in an exceedingly moment so this is often let's verify an actual trial balance this can be an attempt balance and this is we're starting with those figures and within the world this is what would happen in the globe if you work in a controller firm the business that you are working for will provide you with simply an endeavor balance and it'll be unadjusted as a result of all what they did is they kept track of older

the credit column of the operating statement so if we have a tendency to had the loss if the corporate had a loss and what does a loss mean loss means that you have additional expenses than revenues if he had a loss a loss goes below the debit column here i'm thusrry below the credit column under the financial statement and it goes underneath the debit column of the worksheet this way the worksheet would then balance inside balance this is often primarily a completed worksheet earnings on the worksheet a income is shown on the worksheet where profit-and-loss statement debit column affirmative balance sheet debit column no not the balance sheet debit column no if it's a web loss if it's a net loss it'll show on the record debit column financial statement credit column no this is if we have a net loss operating statement debit column affirmative in balance sheet credit column also yes so make certain to read all your answers before you answer an issue okay thus that's wherever information superhighway income goes and this is what it's showing here notice here it shows under here and here says what we're expression operating statement part the profit-and-loss statement is ready from the income statement column obviously the balance sheet and maintained earnings statements area unit prepared from the balance sheet column obviously and this is the financial statement the name of the company the name of the statement and the date remember the date is for a amount of time for the financial statement revenues minus expenses gives USA that income and this is a review we went over this maintained earnings remember the day is for a period of your time a bit like the statement beginning maintained earnings plus profits minus dividend provides you ending preserved earnings in net coming back from the operating statement on the record keep in mind the record is a purpose in time which is one one date we've got assets listed then liabilities with North American country them total them then underneath equity we've common stock and retained earnings total them liabilities and equity should be adequate the assets this is what the balance sheet is let's take a glance at this exercise real quick to visualize however it works so Susan is

balances and that they provide you with this worksheet then you have got to finish the adjustments utterly I just altered balance prepare the financial statements from the statement and thus the record column and this is what you square measure giving ANd hopefully if you're following my course ANd if you ar looking at this course you must apprehend where these balances are returning from those square measure the balances that we have a tendency to computed in prior lecture so those area unit the unadjusted trial balance --is then from the unadjusted balance is additionally if you bear in mind from the prior session we have a tendency to prepare the changes are you language why do not we have a tendency to check these adjustments we tend to prepare of these changes go back to the course and examine those adjustments if you're interested thus adjusted supplies postpaid we tend to book depreciation we have a tendency to adjust associate degree unearned revenue we have a tendency to we have a tendency to increased revenues we have a tendency to increased expenses those are the adjustments then when we've got the adjustments what we tend to do is we we have a tendency to Associate in Nursingd put the changes all on this worksheet as an example adjustment a supplies used we credit supplies we credit supplies below the mastercard and now we tend to're operating below the adjustment column we're working under the adjustment column we tend to credit the provides and that we tend to debited supplies expense this is the for supplies for B it's insurance terminated we have a tendency to credited prepaid insurance and that we tend to debited insurance expense that is that the adjustment adjustment C it's for depreciation expense we have a tendency to debited depreciation expense and that we tend to credited accumulated depreciation dealing D service revenue recognized we tend to debited a we credited an we attributable service revenue and that we debited honorary revenue so on and therefore forth thus those are the adjustments that we prepared within the prior chapter therefore basically what it is we're inputting of these changes and see you'll be able to see all of them on identical page currently once clearly when you prepare your changes you're gonna get to the adjusted trial balance column the adjusted trial balance column what would you see there you would see be adjusted varietys the adjusted number and spot notice that the trial balance the balance total debits equal total credits the changes total debits equal total credits as a result of for every debit we need the corresponding credit and beneath the adjusted balance we need also to have a balance because it is an adjusted balance it should balance now how can we prepare the adjusted balance we'll take our beginning balances under the balance either add or calculate whatever the state of affairs may be add or work out the changes then get to the adjusted balance for instance money there was no changes there for cash transfer as 15200 supplies we credited provides essentially crediting an asset would reduce the acid so the ending balance is a thousand thus we started with 2 thousand 5 hundred minus fifteen hundred as a result of it's an asset prepaid constant issue we started with six hundred minus fifty honorary revenue we started with one thousand two hundred minus 400 because it's it's a liability and we debited the liability so the ending balance is eight hundred notice accounts payable is constant wasn't adjusted notes payable was not adjusted they're the same common stock was not adjusted it is that 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 both attributable revenue therefore the ending balances ten thousand six hundred so essentially what you are doing is you're taking the start balance if it's an expense and you debit an expense and expense increase that is your ending balance okay and

you complete the total issue currently after you've got your adjusted trial balance you're ready currently to complete your income statement and record columns therefore obviously what goes on to the income statement column the the operating statement accounts what area unit the statement account revenues and expenses so revenues and expenses goes under the profit-and-loss statement let me highlight them therefore you have revenues and expenses use caution although there's caught up thusme assets and liabilities here that is why I highlighted revenues and expenses it shouldn't be like this expenses ought to be all the approach at the lowest but that is okay so all the revenues and expenses ar transferred to the revenues and expenses column okay thus notice those ar the revenues and expenses revenues and expenses the revenues and expenses at this time we have a 10dency to add up the total debits and total credits on the revenues and expenses therefore let's move and do thus therefore the total credit and so the total debit they don't adequate to one another we tend toll well as a result of our revenues is not capable our expenses if that is the case then we do not have a profit and that we do not have a loss here we've got more credits than debits and additional credits suggests that we've additional revenues than expenses it means we have a profits therefore notice this variety here 2860 is lucre we put income underneath the debit column of the statement as a result of once we add the debit plus net profit the debit column and net income it should adequate to our revenue as a result of the expenses and the profit adequate the revenue as a result of revenues minus expenses adequate profit okay therefore revenues minus expenses adequate to profit well or we square measure able to say revenue capable revenue equal adequate to expenses and profit therefore he gets this is often were voice communication revenue up to expenses plus profit okay so therefore we've ten thousand six hundred currently conjointly you transfer all the balance sheet account which square measure which square measure assets liabilities and dividend that is here you're spoken language dividend is not a record account affirmative it isn't a record account except for the purpose of the worksheet you may transfer that account to the record column okay thus all the assets cash provides prepaid therefore on then forth are transferred to the record now under the balance sheet also after you add up the debits and also the credits they will not adequate each other however what you do if you have got a earnings you will take Infobahn 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 earnings it's gonna increase your equity the equity is are listed beneath the credit column therefore once you do so then you add up the debit column and therefore the credit column and that they would capable each other now if it's if it's a loss if it's a loss if it's a loss the loss will go below 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

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