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the credit column of the profit-and-loss statement therefore 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 got more expenses than revenues if he had a loss a loss goes beneath the debit column here i'm thusrry under the credit column below the income statement and it goes under the debit column of the worksheet this fashion the worksheet would then balance within balance this is essentially a completed worksheet lucre on the worksheet a net is shown on the worksheet where financial statement debit column affirmative balance sheet debit column no not the balance sheet debit column no if it could be a net loss if it's a web loss it will show on the record debit column profit-and-loss statement credit column no this can be if we've got a net loss earnings report debit column affirmative in record credit column also yes so certify to scan all of your answers before you answer an issue okay so that's where net income goes and this can be what it's showing here notice here it shows beneath here and here says what we're saying profit-and-loss statement part the financial statement is ready from the earnings report column clearly the record and retained earnings statements ar prepared from the record column clearly and this is 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 U.S.A. that income and this can be a review we went over this maintained earnings remember the day is for a amount of time a bit like the income statement starting preserved earnings and net income minus dividend provides you ending maintained earnings in income coming back from the earnings report on the balance sheet remember the record is a point in time that is one one date we've assets listed then liabilities with United States them total them then underneath equity we've got common shares and maintained earnings total them liabilities plus 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 visualize however it works so Susan is

hello ANd we tend tolcome to the session this is often professor Farhad during this session we tend to're getting to examine how to prepare a worksheet so essentially what's a worksheet a worksheet could be a multi column form employed in getting ready budgets what's the multi column form basically it is a type that have multiple columns ANd we tend to're reaching to see one in a veryction that's planning to facilitate us illustrate the purpose the worksheet is not part of the permanent accounting record essentially it may be a tool that can that we USAe to help US prepare our financial plan a worksheet is also computerized worksheet exploitation electronic computer program such as surpass or some individuals or some firms thereforeme little businesses they still use associate actual worksheet with which actual sheet and a pencil however typically speaking most most firms currently even tiny corporations use some variety of an accounting package it's ready employing a 5-step process and we're gonna see why it's referred to as 5 steps and therefore the use of a word kit as I told you is a tool and thus if it is a tool it's facultative so you do not so it is not part that you just ought to show to the external users primarily the company used the worksheet and also 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 can tell there's series of columns then it's to be more specific we decision this the ten column worksheet why impart column you're gonna see we've ten column it is a ten column worksheet and bear in mind we said it is a 5 step method and it we're gonna check up on why it's called five step the 1st step prepare an effort balance on the worksheet this is often step one so this is often 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 actually prepare your adjustments you extend it to the adjusted trial balance or the ultimate trial balance this is often step three step four in extend adjustment balances that the acceptable statement columns so for example the incomes under the profit-and-loss statement column you have a debit and a credit and all the connected debit balances goes to the income statement column like such as expenses in 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 every one the record and dividend all the balance sheet account plus dividend merely put everything that doesn't proceed the operating statement goes beneath the balance sheet you are gonna say well dividend didn't you tell us it is not a record account it's not a balance sheet account but for the aim of the worksheet it's gonna go under the record comma okay and we're gonna see how it works as a result of beneath the operating statement we're gonna be able to figure net income or net loss we'll see this in a moment so this can be let's explore an actual trial balance this is a trial balance and this is we're beginning with those figures and within the universe this can be what would happen in the world if you work in a certified public accountant firm the business that you are operating for will provide you with simply an endeavor balance and it'll be unadjusted as a result of all what they did is they unbroken track of older

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 they provide you with this worksheet then you have to complete the adjustments utterly I just changeed balance prepare the monetary statements from the earnings report and additionally the balance sheet column and this is what you're giving and hopefully if you ar following my course associated if you area unit looking at this course you must recognize where these balances ar coming from those square measure the balances that we have a 10dency to computed in previous lecture therefore those square measure the unadjusted balance --is then from the unadjusted trial balance is additionally if you remember from the prior session we have a tendency to prepare the adjustments are you oral communication why don't we check these adjustments we have a tendency to prepare all these changes go back to the course and view those changes if you're interested so adjusted supplies paid we have a tendency to book depreciation we have a tendency to adjust an unearned revenue we have a tendency to we have a tendency to accrued revenues we tend to increased expenses those are the adjustments then after we've got the changes what we tend to do is we we associated put the changes all on this worksheet as an example adjustment a supplies used we have a tendency to credit provides we tend to credit supplies underneath the credit card and now we have a tendency to're working beneath the adjustment column we're working beneath the adjustment column we credit the supplies and we tend to debited provides expense this is the for supplies for B it's insurance terminated we tend to credited prepaid insurance and we have a tendency to debited insurance expense that's the adjustment adjustment C it's for depreciation expense we tend to debited depreciation expense and we have a tendency to attributable accumulated depreciation dealing D service revenue recognized we have a tendency to debited a we have a tendency to attributable an we attributable service revenue and we debited honorary revenue therefore on and then forth therefore those are the changes that we ready in the prior chapter therefore essentially what it is we're inputting all these changes and notice you'll be able to see all of them on constant page now after clearly when you prepare your changes you are gonna get to the adjusted balance column the adjusted balance column what would you see there you'd see be adjusted varietys the adjusted number and see notice that the trial balance the balance total debits equal total credits the adjustments total debits equal total credits as a result of for every debit we need the corresponding credit and beneath the adjusted balance we want also to have a balance because it is an adjusted trial balance it should balance currently how can we prepare the adjusted trial balance we'll take our starting balances under the trial balance either add or cypher whatever the situation is add or cypher the adjustments then get to the adjusted balance for example money there was no adjustments there for money transfer as 15200 supplies we attributable supplies basically crediting an asset would scale back the acid therefore the ending balance is a thousand so we started with two thousand 5 hundred minus fifteen hundred because it's an asset postpaid identical factor we started with 600 minus fifty unearned revenue we started with one thousand two hundred minus 400 because it's it's a liability and that we debited the liability so the ending balance is eight hundred notice accounts owed is an equivalent was not adjusted notes due wasn't adjusted they're the same common shares 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 an increase we credited revenue and we attributable revenue again D and E each attributable 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's your ending balance okay and

you complete the whole factor currently after you've got your adjusted trial balance you ar ready currently to complete your financial statement and record columns thus obviously what goes on to the profit-and-loss statement column the the statement accounts what area unit the operating statement account revenues and expenses thus revenues and expenses goes under the earnings report let me highlight them thus you've got revenues and expenses watch out though there's caught up thusme assets and liabilities here that is why I highlighted revenues and expenses it shouldn't be like this expenses should be all the approach at all-time low however that is okay therefore all the revenues and expenses ar transferred to the revenues and expenses column okay so notice those are the revenues and expenses revenues and expenses the revenues and expenses at this time we have a 10dency to add up the overall debits and total credits on the revenues and expenses thus let's plow ahead and do thus that the total credit and thus the total debit they don't capable one another well we tend toll as a result of our revenues is not adequate to our expenses if that's the case then we do not have a profit and that we don't have a loss here we have more credits than debits and additional credits suggests that we've more revenues than expenses it suggests that we've a income thus notice this variety here 2860 is lucre we put net income beneath the debit column of the profit-and-loss statement as a result of once we add the debit plus profits the debit column and information superhighway income it ought to equal to our revenue as a result of the expenses plus the profit equal to the revenue as a result of revenues minus expenses adequate profit okay thus revenues minus expenses adequate to profit well or we can say revenue equal to revenue equal adequate expenses and profit therefore he gets this is were saying revenue adequate expenses plus profit okay therefore thus we've ten thousand six hundred now conjointly you transfer all the record account which area unit that are assets liabilities and dividend that is here you're expression dividend isn't a record account yes it isn't a balance sheet account except for the aim of the worksheet you'll transfer that account to the balance sheet column okay so all the assets money supplies postpaid therefore on then forth are transferred to the balance sheet now under the balance sheet also when you add up the debits and the credits they're going to not adequate one another however what you do if you've got a income you will take information superhighway income and you transfer earnings to the credit column of the of the worksheet and why the credit column because if it's a net income 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 the credit column and they would adequate each other now 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

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