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balances and that they offer you this worksheet then you have to complete the adjustments utterly I just regulateed trial balance prepare the monetary statements from the profit-and-loss statement and therefore the balance sheet column ANd this can be what you ar giving associated hopefully if you square measure following my course associate degreed if you're looking at this course you ought to understand wherever these balances are coming back from those ar the balances that we 10d to computed in prior lecture therefore those square measure the unadjusted balance --is then from the unadjusted trial balance is also if you remember from the previous session we have a tendency to prepare the adjustments are you saying why don't we check these changes we have a tendency to prepare of these adjustments go back to the course and view those adjustments if you are interested thus adjusted provides paid we book depreciation we tend to adjust Associate in Nursing unearned revenue we tend to we have a tendency to increased revenues we have a tendency to increased expenses those are the changes then when we have the changes what we have a tendency 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 tend to credit supplies we tend to credit supplies beneath the mastercard and now we're operating underneath the adjustment column we're working under the adjustment column we tend to credit the provides and that we have a tendency to debited provides expense this can be the for supplies for B it's insurance expired we attributable prepaid insurance and that we tend to debited insurance expense that's the adjustment adjustment C it's for depreciation expense we debited depreciation expense and we attributable accumulated depreciation group action D service revenue recognized we tend to debited a we attributable an we attributable service revenue and that we debited unearned revenue therefore on so forth therefore those are the adjustments that we prepared in the previous chapter thus basically what it is we're inputting all these changes and spot you'll see all of them on an equivalent page currently after obviously when you prepare your adjustments you're gonna get to the adjusted balance column the adjusted balance column what would you see there you would see be adjusted varietys the adjusted number and spot notice that the balance the balance total debits equal total credits the adjustments total debits equal total credits because for each debit we'd like the corresponding credit and underneath the adjusted balance we'd like also to have a balance as a result of it is an adjusted balance it should balance now however do we prepare the adjusted balance we'll take our beginning balances below the balance either add or figure regardless of the state of affairs could be add or work out the adjustments then get to the adjusted trial balance as an example cash there was no adjustments there for cash transfer as 15200 supplies we attributable supplies basically crediting an plus would cut back the acid therefore the ending balance is a thousand thus we started with 2 thousand 5 hundred minus fifteen hundred because it is an plus paid constant issue we started with 600 minus fifty honorary revenue we started with one thousand 2 hundred minus 400 as a result of it's it's a liability and that we debited the liability thus the ending balance is eight hundred notice accounts payable is the same was not adjusted notes owed wasn't adjusted they're the same ordinary shares was not 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 a rise we attributable revenue and we credited revenue again D and E each credited revenue therefore the ending balances ten thousand six hundred so primarily what you are doing is you take the start balance if it's an expense and you debit an expense and expense increase that is your ending balance okay and

hello associate degreed welcome to the session this is often academic Farhad during this session we're going to check out the way to prepare a worksheet therefore basically what is a worksheet a worksheet may be a multi column form used in getting ready financial plans what is the multi column form basically it's a form that have multiple columns associate degreed we have a tendency to're planning to see one during action that's getting to help America illustrate the purpose the worksheet is not a half of the permanent accounting record primarily it's a tool that can that we USAe to assist North American country prepare our financial statement a worksheet may be computerised worksheet victimization electronic computer programme like excel or thereforeme individuals or some companies some tiny businesses they still use an actual worksheet with which actual sheet and a pencil but generally speaking most most firms now even tiny firms use thusme sort of an accounting code it's prepared using a 5-step method and we're gonna see why it's referred to 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 nonmandatory so you do not so it isn't part that you just need to show to the external users basically the company used the worksheet and the background to assist them prepare their financial statement and what you see on front of you is a worksheet victimization stand out essentially this is often an stand out 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 convey column you're gonna see we've ten column it is a ten column worksheet and bear in mind we aforesaid it's a five step process and it we're gonna investigate why it's called five step the 1st step prepare an attempt balance on the worksheet this can be step one so this can be the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you've got another two columns for the changes a debit column and a credit column for the adjustment the system to then truly prepare your changes you extend it to the adjusted balance or the ultimate balance this is step three step four in extend adjustment balances that the appropriate statement columns so for example the incomes underneath the statement column you have a debit and a credit and all the connected debit balances goes to the earnings report column like like expenses within 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 all the record plus dividend all the balance sheet account plus dividend merely put everything that doesn't go on the operating statement goes under the record you're gonna say well dividend did not you tell us it's not a balance sheet account it is not a balance sheet account except for the aim of the worksheet it's gonna go underneath the balance sheet comma okay and we're gonna see however it works as a result of underneath the statement we're gonna be able to work out earnings or web loss we'll see this in a moment so this is let's look into an actual trial balance this is often an effort balance and this can be we're beginning with those figures and in the universe this is often what would happen in the real world if you're employed in a comptroller firm the business that you simply are operating for will provide you with simply an effort balance and it'll be unadjusted as a result of all what they did is that they unbroken track of older

the credit column of the financial statement so if we tend to had the loss if the company 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 under the debit column here i am sorry underneath the credit column underneath the income statement and it goes underneath the debit column of the worksheet this fashion the worksheet would then balance inside balance this is often essentially a completed worksheet income on the worksheet a profit is shown on the worksheet where earnings report debit column affirmative record debit column no not the balance sheet debit column no if it's a net loss if it is a net loss it will show on the balance sheet debit column statement credit column no this is if we've got a internet loss income statement debit column affirmative in balance sheet credit column additionally yes so ensure to read all your answers before you answer a matter okay thus that is wherever net income goes and this is what it's showing here notice here it shows beneath here and here says what we're voice communication earnings report part the profit-and-loss statement is ready from the income statement column clearly the balance sheet and retained earnings statements area unit prepared from the record column clearly and this is often the income statement the name of the company the name of the statement and the date bear in mind the date is for a amount of your time for the statement revenues minus expenses provides United States of America that income and this can be a review we went over this retained earnings keep in mind the day is for a amount of your time similar to the statement beginning preserved earnings plus net minus dividend gives you ending preserved earnings in income coming from the profit-and-loss statement on the record keep in mind the record is a point in time which is one one date we've assets listed then liabilities with North American nation them total them then underneath equity we've got common stock and retained earnings total them liabilities plus equity ought to be adequate to the assets this is what the balance sheet is let's take a glance at this exercise real fast to envision however it works so Susan is

you complete the whole factor now after you've got your adjusted balance you are ready currently to finish your profit-and-loss statement and record columns therefore clearly what goes on to the earnings report column the the statement accounts what ar the financial statement account revenues and expenses so revenues and expenses goes underneath the operating statement let me highlight them thus you have revenues and expenses take care tho' there's entailed thereforeme assets and liabilities here that's why I highlighted revenues and expenses it shouldn't be like this expenses ought to be all the method at rock bottom but that is okay so all the revenues and expenses are transferred to the revenues and expenses column okay therefore notice those square measure the revenues and expenses revenues and expenses the revenues and expenses at now we have a tendency to add up the overall debits and total credits on the revenues and expenses so let's move and do therefore therefore the total credit and so the total debit they do not equal to each other we have a tendency toll we tend toll as a result of our revenues is not adequate our expenses if that's the case then we do not have a profit and we haven't got a loss here we have additional credits than debits and more credits suggests that we've got additional revenues than expenses it means that we've a lucre therefore notice this number here 2860 is net financial gain we place net profit underneath the debit column of the operating statement because once we add the debit plus net income the debit column and net income it ought to adequate to our revenue as a result of the expenses plus the profit equal to the revenue because revenues minus expenses adequate to profit okay so revenues minus expenses up to profit well or we ar able to say revenue capable revenue equal up to expenses plus profit so he gets this is were voice communication revenue adequate expenses and profit okay therefore thus we've ten thousand six hundred now conjointly you transfer all the record account that are that area unit assets liabilities and dividend that is here you're voice communication dividend is not a record account yes it is not a balance sheet account except for the purpose of the worksheet you'll transfer that account to the balance sheet column okay so all the assets money supplies postpaid therefore on so forth are transferred to the balance sheet currently under the record also once you add up the debits and therefore the credits they will not equal to each other however what you are doing if you have got a profits you may take net income and you transfer net to the credit column of the of the worksheet and why the credit column because if it's a net profit it's gonna increase your equity the equity is are listed underneath the credit column therefore once you do so then you add up the debit column and the credit column and they would adequate each other currently if it's if it is a loss if it's a loss if it is a loss the loss will go beneath 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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