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hello ANd we tend tolcome to the session this can be professor Farhad during this session we tend to're progressing to investigate the way to prepare a worksheet therefore primarily what is a worksheet a worksheet could be a multi column kind utilized in getting ready financial statements what is the multi column kind primarily it could be a type that have multiple columns associated we tend to're reaching to see one in AN exceedinglyction that's going to facilitate US illustrate the purpose the worksheet is not a half of the permanent accounting record essentially it may be a tool that may that we United Statese to assist USA prepare our finances a worksheet is also computerised worksheet exploitation electronic computer programme like stand out or some individuals or thusme firms thusme tiny businesses they still use Associate in Nursing actual worksheet with which actual sheet and a pencil however usually speaking most most corporations now even small firms use some type of an accounting computer code it's ready employing a 5-step method and we're gonna see why it's referred to as five steps and therefore 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 is not 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 money statement and what you see on front of you is a worksheet using excel essentially this can be an surpass 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've ten column it's a ten column worksheet and remember we said it's a 5 step process and it we're gonna inspect why it's known as five step the first step prepare an attempt balance on the worksheet this is often the 1st step so this is often the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you have another 2 columns for the changes a debit column and a credit column for the adjustment the system to then actually prepare your changes you extend it to the adjusted trial balance or the final trial balance this can be step 3 step four in extend adjustment balances that the acceptable statement columns so for instance the incomes beneath the operating statement column you have got a debit and a credit and all 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 a record column that has debit column and credit column and all the balance sheet and dividend all the record account plus dividend merely put everything that doesn't maintain the financial statement goes below the record you are gonna say well dividend did not you tell us it isn't a record account it isn't a record account but for the purpose of the worksheet it's gonna go below the record comma okay and we're gonna see however it works because beneath the income statement we're gonna be able to cypher income or internet loss we'll see this in a very moment so this is often let's investigate an actual trial balance this can be an endeavor balance and this can be we're beginning with those figures and in the world this is what would happen within the world if you're employed in a comptroller firm the business that you are working for will offer you simply an effort balance and it'll be unadjusted because all what they did is that they kept track of older

the credit column of the earnings report so if we have a tendency to had the loss if the corporate had a loss and what does a loss mean loss means you have 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 under the profit-and-loss statement and it goes below the debit column of the worksheet this fashion the worksheet would then balance among balance this can be basically a completed worksheet net on the worksheet a net financial gain is shown on the worksheet wherever statement debit column yes balance sheet debit column no not the balance sheet debit column no if it could be a web loss if it's a net loss it'll show on the record debit column financial statement credit column no this is often if we've a net loss financial statement debit column affirmative in balance sheet credit column conjointly yes thus confirm to read all your answers before you answer a matter okay thus that's wherever net income goes and this is often what it's showing here notice here it shows beneath here and here says what we're expression operating statement part the financial statement is ready from the financial statement column clearly the balance sheet and preserved earnings statements ar prepared from the record column obviously and this can be the operating statement the name of the company the name of the statement and also the date remember the date is for a period of time for the profit-and-loss statement revenues minus expenses offers US that income and this can be a review we went over this maintained earnings keep in mind the day is for a amount of your time similar to the earnings report beginning retained earnings plus earnings minus dividend offers you ending preserved earnings in profit coming from the statement on the balance sheet bear in mind the balance sheet is a point in time that is one one date we've assets listed then liabilities with us them total them then underneath equity we've got common shares and retained earnings total them liabilities and equity should be capable the assets this is often what the record is let's take a glance at this exercise real quick to visualize how it works so Susan is

you complete the whole factor currently after you have got your adjusted balance you're prepared currently to finish your income statement and balance sheet columns thus clearly what goes on to the financial statement column the the operating statement accounts what square measure the statement account revenues and expenses thus revenues and expenses goes under the operating statement let me highlight them so you've got revenues and expenses use caution tho' there's entailed some assets and liabilities here that's why I highlighted revenues and expenses it mustn't be like this expenses should be all the manner at very cheap however that is okay so all the revenues and expenses ar 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 therefore let's go ahead and do thus therefore the total credit and also the total debit they do not adequate one another well we tend toll because 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've got more credits than debits and more credits means we have additional revenues than expenses it means that we have a net profit thus notice this variety here 2860 is lucre we place net income beneath the debit column of the earnings report as a result of once we add the debit plus net the debit column plus world wide web income it should up to our revenue because the expenses plus the profit adequate the revenue as a result of revenues minus expenses capable profit okay so revenues minus expenses adequate profit well or we area unit able to say revenue adequate to revenue equal capable expenses plus profit so he gets this can be were speech communication revenue capable expenses and profit okay so so we've got ten thousand 600 currently also you transfer all the balance sheet account which square measure which square measure assets liabilities and dividend that is here you're speech dividend isn't a balance sheet account affirmative it is not a record account except for the purpose of the worksheet you will transfer that account to the record column okay so all the assets money supplies paid therefore on then forth are transferred to the record now underneath the balance sheet also after you add up the debits and also the credits they're going to not adequate one another however what you are doing if you've got a earnings you will take information superhighway income and you transfer net to the credit column of the of the worksheet and why the credit column as a result of if it's a earnings 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 capable one another currently if it's if it's a loss if it's a loss if it is a loss the loss will go underneath the debit column of the worksheet and

balances and they offer you this worksheet then you've got to complete the adjustments completely I just modifyed balance prepare the money statements from the financial statement and so the record column associate degreed this can be what you're giving associate degreed hopefully if you're following my course associate degreed if you area unit looking at this course you must understand where these balances area unit coming from those square measure the balances that we 10d to computed in prior lecture therefore those square measure the unadjusted trial balance --is then from the unadjusted balance is additionally if you keep in mind from the prior session we tend to prepare the adjustments are you locution why do not we have a tendency to think once more these adjustments we have a tendency to prepare of these changes return to the course and think about those changes if you're interested therefore adjusted supplies paid we have a tendency to book depreciation we adjust associate degree unearned revenue we we tend to accumulated revenues we accrued expenses those are the adjustments then when we have the changes what we have a tendency to do is we tend to we ANd place the changes all on this worksheet for instance adjustment a supplies used we credit provides we credit supplies underneath the mastercard and currently we're working underneath the adjustment column we're operating below the adjustment column we credit the supplies and we debited provides expense this is often the for provides for B it's insurance invalid we have a tendency to credited prepaid insurance and we debited insurance expense that's the adjustment adjustment C it's for depreciation expense we have a tendency to debited depreciation expense and that we tend to attributable accumulated depreciation group action D service revenue recognized we have a tendency to debited a we tend to credited an we credited service revenue and that we debited unearned revenue therefore on then forth so those are the changes that we ready within the prior chapter thus essentially what it is we're inputting all these adjustments and notice you can see all of them on a similar page now once obviously once 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 see notice that the balance the balance total debits equal total credits the changes total debits equal total credits because for every debit we need the corresponding credit and under the adjusted balance we'd like also to possess a balance as a result of it is an adjusted trial balance it should balance now how can we prepare the adjusted balance we'll take our beginning balances underneath the trial balance either add or figure regardless of the situation may be add or calculate the changes then get to the adjusted trial balance as an example money there was no adjustments there for cash transfer as 15200 provides we attributable provides primarily crediting an plus would reduce the acid therefore the ending balance is a thousand so we started with two thousand 5 hundred minus fifteen hundred because it's an plus prepaid the same thing we started with six hundred minus fifty unearned revenue we started with one thousand 200 minus four hundred as a result of it's it's a liability and we debited the liability thus the ending balance is eight hundred notice accounts owed is an equivalent wasn't adjusted notes collectible was not adjusted they are the same common stock 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 attributable revenue and we credited revenue again D and E both attributable revenue therefore the ending balances ten thousand 600 so primarily what you are doing is you take the beginning balance if it's an expense and you debit an expense and expense increase that's 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

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