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hello ANd we tend tolcome to the session this is academic Farhad in this session we have a tendency to're about to consider the way to prepare a worksheet thus basically what is a worksheet a worksheet may be a multi column type employed in getting ready financial plans what is the multi column type basically it's a kind that have multiple columns and we have a tendency to're attending to see one in associate exceedinglyction that is about to help North American country illustrate the point the worksheet is not part of the permanent accounting record essentially it is a tool that will that we U.S.A.e to assist USA prepare our financial plan a worksheet is also processed worksheet exploitation electronic computer program like stand out or thereforeme people or thereforeme firms thereforeme little businesses they still use associate actual worksheet with that actual sheet and a pencil but generally speaking most most companies currently even small companies use thereforeme style of an accounting code it's ready using a five-step method and we're gonna see why it's called 5 steps and therefore the use of a word kit as I told you is a tool and so if it's a tool it's facultative so you do not so it's not part that you just got to show to the external users essentially the corporate used the worksheet and the background to assist them prepare their monetary statement and what you see on front of you is a worksheet mistreatment excel primarily this is often an stand out file and as you'll be able to tell there's series of columns then it's to be additional specific we decision this the ten column worksheet why convey column you're gonna see we have ten column it's a ten column worksheet and bear in mind we aforementioned it is a 5 step method and it we're gonna scrutinize why it's referred to as five step the 1st step prepare an attempt balance on the worksheet this is the 1st 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 changes a debit column and a credit column for the adjustment the system to then really prepare your changes you extend it to the adjusted balance or the final trial balance this is step 3 step four in extend adjustment balances that the appropriate statement columns so for example the incomes beneath the earnings report column you have a debit and a credit and every one the connected debit balances goes to the operating statement column like such as expenses in the revenues that our credit goes to the credit balance and you have got a balance sheet column that has debit column and credit column and every one the balance sheet and dividend all the record account plus dividend merely place everything that does not continue the earnings report goes below the record you are gonna say well dividend did not you tell us it isn't a record account it is not a balance sheet account except for the purpose of the worksheet it's gonna go under the record comma okay and we're gonna see how it works because underneath the operating statement we're gonna be able to figure net or net loss we'll see this in an exceedingly moment so this is let's check up on an actual trial balance this is often an attempt balance and this is often we're starting with those figures and in the planet this is often what would happen in the world if you work in a accountant firm the business that you simply are operating for will provide you with simply a trial balance and it will be unadjusted as a result of all what they did is they unbroken track of older

the credit column of the financial statement so if we tend to had the loss if the corporate had a loss and what will a loss mean loss means you have additional expenses than revenues if he had a loss a loss goes underneath the debit column here i am sorry below the credit column beneath the financial statement and it goes underneath the debit column of the worksheet this fashion the worksheet would then balance within balance this is primarily a completed worksheet net income on the worksheet a income is shown on the worksheet where earnings report debit column yes record debit column no not the record debit column no if it's a web loss if it is a internet loss it will show on the record debit column statement credit column no this is if we've got a internet loss statement debit column affirmative in balance sheet credit column also affirmative thus certify to browse all your answers before you answer a question okay so that's where cyberspace income goes and this is often what it's showing here notice here it shows beneath here and here says what we're speech communication statement part the earnings report is prepared from the statement column clearly the balance sheet and retained earnings statements area unit prepared from the balance sheet column obviously and this is often the income statement the name of the company the name of the statement and therefore the date remember the date is for a period of your time for the earnings report revenues minus expenses provides USA that income and this is often a review we went over this maintained earnings remember the day is for a amount of your time rather like the statement starting preserved earnings and net income minus dividend offers you ending maintained earnings in earnings coming from the earnings report on the record keep in mind the balance sheet is a point in time that is one one date we have assets listed then liabilities with United States of America them total them then beneath equity we have ordinary shares and maintained earnings total them liabilities and equity ought to be equal to the assets this is often what the balance sheet is let's take a glance at this exercise real quick to examine how it works so Susan is

balances and that they provide you with this worksheet then you have to complete the adjustments completely I simply modifyed balance prepare the financial statements from the statement and therefore the balance sheet column ANd this is often what you're giving and hopefully if you're following my course associate degreed if you ar looking at this course you ought to know wherever these balances are coming back from those are the balances that we computed in prior lecture so those ar the unadjusted trial balance --is then from the unadjusted trial balance is additionally if you remember from the previous session we tend to prepare the adjustments are you voice communication why do not we reconsider these changes we prepare of these changes return to the course and view those adjustments if you are interested therefore adjusted provides postpaid we book depreciation we have a tendency to adjust associate honorary revenue we tend to we accumulated revenues we increased expenses those are the changes then once we've the adjustments what we have a tendency to do is we tend to we associate degreed put the changes all on this worksheet for instance adjustment a provides used we credit provides we have a tendency to credit supplies below the mastercard and now we tend to're working underneath the adjustment column we're working underneath the adjustment column we tend to credit the supplies and we tend to debited supplies expense this is often the for provides for B it's insurance expired we attributable prepaid insurance and we tend to debited insurance expense that is the adjustment adjustment C it's for depreciation expense we debited depreciation expense and we attributable accumulated depreciation dealing D service revenue recognized we tend to debited a we have a tendency to attributable an we attributable service revenue and we debited honorary revenue so on then forth therefore those are the changes that we ready within the prior chapter therefore primarily what it's we're inputting of these adjustments and spot you'll see all of them on constant page now once obviously once you prepare your adjustments you are gonna get to the adjusted trial balance column the adjusted trial balance column what would you see there you'd see be adjusted varietys the adjusted number and notice notice that the trial balance the balance total debits equal total credits the changes total debits equal total credits because for every debit we want 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 now how do we prepare the adjusted balance we'll take our beginning balances below the balance either add or reckon regardless of the situation may be add or compute the changes then get to the adjusted balance for example cash there was no adjustments there for money transfer as 15200 provides we attributable supplies primarily crediting an asset would scale back the acid therefore the ending balance is a thousand so we started with 2 thousand five hundred minus fifteen hundred as a result of it's an asset prepaid the same thing we started with six hundred minus fifty honorary revenue we started with one thousand 2 hundred minus four hundred because it's it's a liability and that we debited the liability therefore the ending balance is eight hundred notice accounts owed is identical wasn't adjusted notes owed wasn't adjusted they are the same ordinary shares wasn't adjusted it is 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 an increase we attributable revenue and that we attributable revenue again D and E both attributable revenue therefore the ending balances ten thousand 600 so essentially what you do is you are taking the beginning balance if it's an expense and you debit an expense and expense increase that is your ending balance okay 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

you complete the whole issue currently once you've got your adjusted balance you area unit ready currently to complete your financial statement and balance sheet columns so clearly what goes on to the earnings report column the the earnings report accounts what are the income statement account revenues and expenses so revenues and expenses goes below the operating statement let me highlight them so you've got revenues and expenses use caution although there's called for some assets and liabilities here that is why I highlighted revenues and expenses it mustn't be like this expenses should be all the means at very cheap however that's okay thus all the revenues and expenses square measure transferred to the revenues and expenses column okay so notice those ar the revenues and expenses revenues and expenses the revenues and expenses at this time we add up the whole debits and total credits on the revenues and expenses thus let's act and do so that the total credit and additionally the total debit they do not up to each other we have a tendency toll we tend toll because our revenues isn't equal to our expenses if that is the case then we don't have a profit and that we don't have a loss here we've more credits than debits and more credits means we have more revenues than expenses it means that we've a lucre thus notice this number here 2860 is profits we place net underneath the debit column of the financial statement as a result of once we add the debit plus net profit the debit column and world wide web income it should adequate to our revenue as a result of the expenses plus the profit up to the revenue as a result of revenues minus expenses adequate to profit okay so revenues minus expenses up to profit well or we square measure able to say revenue capable revenue equal equal to expenses plus profit so he gets this can be were oral communication revenue adequate expenses plus profit okay thus thus we have ten thousand six hundred now conjointly you transfer all the record account which ar which ar assets liabilities and dividend that is here you are saying dividend isn't a balance sheet account affirmative it's not a record account except for the purpose of the worksheet you may transfer that account to the record column okay so all the assets cash provides prepaid so on then forth are transferred to the record currently beneath the balance sheet also when you add up the debits and also the credits they'll not equal to each other but what you do if you have a earnings you'll take Infobahn income and you transfer net income to the credit column of the of the worksheet and why the credit column as a result of if it's a net it's gonna increase your equity the equity is are listed under the credit column therefore once you do so then you add up the debit column and the credit column and they would adequate to 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 under the debit column of the worksheet and

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