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the credit column of the statement thus if we have a tendency to had the loss if the corporate had a loss and what will a loss mean loss means you have got additional expenses than revenues if he had a loss a loss goes below the debit column here i'm thereforerry beneath the credit column below the financial statement and it goes underneath the debit column of the worksheet this fashion the worksheet would then balance at intervals balance this can be essentially a completed worksheet lucre on the worksheet a income is shown on the worksheet where earnings report debit column affirmative record debit column no not the balance sheet debit column no if it may be a net loss if it's a internet loss it'll show on the record debit column statement credit column no this is often if we've a internet loss profit-and-loss statement debit column affirmative in balance sheet credit column conjointly yes therefore ensure to browse all your answers before you answer an issue okay thus that's where net income goes and this can be what it's showing here notice here it shows under here and here says what we're speech earnings report half the income statement is ready from the earnings report column obviously the balance sheet and retained earnings statements area unit prepared from the record column clearly and this is the operating statement the name of the corporate the name of the statement and the date keep in mind the date is for a amount of your time for the statement revenues minus expenses provides us that income and this can be a review we went over this preserved earnings remember the day is for a amount of time just like the income statement starting preserved earnings plus profit minus dividend provides you ending retained earnings in income coming from the earnings report on the balance sheet remember the balance sheet is a purpose in time which is one one date we've got assets listed then liabilities with us them total them then under equity we've got ordinary shares and retained earnings total them liabilities plus equity should be capable the assets this can be what the balance sheet is let's take a look at this exercise real quick to visualize however it works so Susan is

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've got to finish the changes fully I just regulateed trial balance prepare the monetary statements from the financial statement and thus the balance sheet column associate degreed this is what you're giving associated hopefully if you square measure following my course associate degreed if you're looking at this course you should know where these balances ar returning from those are the balances that we computed in previous lecture so those ar the unadjusted balance --is then from the unadjusted trial balance is also if you bear in mind from the previous session we tend to prepare the adjustments are you spoken communication why don't we have a tendency to reassess these adjustments we tend to prepare of these changes return to the course and consider those adjustments if you are interested so adjusted supplies postpaid we have a tendency to book depreciation we tend to adjust associate degree unearned revenue we have a tendency to we accrued revenues we tend to accrued expenses those are the changes then once we've the adjustments what we tend to do is we we associate degreed place the adjustments all on this worksheet for instance adjustment a provides used we tend to credit supplies we have a tendency to credit provides below the mastercard and currently we tend to're operating below the adjustment column we tend to're working beneath the adjustment column we have a tendency to credit the provides and that we tend to debited supplies expense this can be the for provides for B it's insurance terminated we have a tendency to credited postpaid insurance and that we have a tendency to debited insurance expense that is that the adjustment adjustment C it's for depreciation expense we debited depreciation expense and we tend to attributable accumulated depreciation dealing D service revenue recognized we have a tendency to debited a we credited an we credited service revenue and we debited unearned revenue so on and thus forth so those are the adjustments that we prepared in the prior chapter therefore primarily what it's we're inputting of these adjustments and spot you'll see all of them on an equivalent page now once obviously when you prepare your adjustments you're gonna get to the adjusted trial balance column the adjusted balance column what would you see there you would see be adjusted ranges the adjusted number and see 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'd like the corresponding credit and underneath the adjusted balance we want also to have a balance because it is an adjusted trial balance it should balance now however can we prepare the adjusted trial balance we'll take our starting balances below the trial balance either add or take off whatever the situation could be add or take off the changes then get to the adjusted trial balance for example money there was no adjustments there for money transfer as 15200 provides we credited supplies primarily crediting an asset would reduce the acid thus the ending balance is a thousand therefore we started with two thousand five hundred minus fifteen hundred because it's an quality paid a similar thing we started with six hundred minus fifty honorary revenue we started with one thousand 2 hundred 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 collectible is constant wasn't adjusted notes owed was not adjusted they are the same common stock wasn't 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 attributable revenue and that we attributable revenue again D and E each attributable revenue therefore the ending balances ten thousand 600 so basically what you are doing is you take the beginning balance if it's an expense and you debit an expense and expense increase that is your ending balance okay and

hello associate degreed we have a tendency tolcome to the session this is often prof Farhad in this session we're aiming to look into the way to prepare a worksheet thus primarily what's a worksheet a worksheet is a multi column form utilized in preparing financial statements what's the multi column form primarily it may be a type that have multiple columns associate degreed we tend to're planning to see one during action that is progressing to help North American country illustrate the point the worksheet is not part of the permanent accounting record basically it may be a tool that may that we USAe to help United States prepare our budget a worksheet could also be computerised worksheet victimisation electronic computer programme such as stand out or thereforeme people or some companies thusme little businesses they still use Associate in Nursing actual worksheet with which actual sheet and a pencil but typically speaking most most companies now even little firms use some form of an accounting software system it's ready employing a 5-step process and we're gonna see why it's called 5 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 facultative so you do not so it is not part that you just need to show to the external users primarily the company used the worksheet and the background to help them prepare their money statement and what you see on front of you is a worksheet mistreatment stand out basically this can be an excel file and as you'll be able to tell there is series of columns then it's to be additional specific we decision this the ten column worksheet why impart column you area unit gonna see we have ten column it's a ten column worksheet and bear in mind we aforementioned it is a five step method and it we're gonna explore why it's known as five step the first step prepare a trial 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 2 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 trial balance or the ultimate balance this can be step 3 step four in extend adjustment balances that the acceptable statement columns so for example the incomes under the operating statement column you have got a debit and a credit and every one the connected debit balances goes to the operating statement column like like expenses in the revenues that our credit goes to the credit balance and you have got a record column that has debit column and credit column and all the balance sheet and dividend all the record account plus dividend merely place everything that does not continue the financial statement goes beneath the record you are gonna say well dividend didn't you tell us it's not a record account it isn't a record account but for the aim of the worksheet it's gonna go under the balance sheet comma okay and we're gonna see how it works because under the operating statement we're gonna be able to reason net or web loss we'll see this in a moment so this can be let's look at an actual trial balance this is often an effort balance and this is often we're starting with those figures and in the universe this is often what would happen in the globe if you work in a controller firm the business that you are operating for will give you simply a shot balance and it will be unadjusted as a result of all what they did is they kept track of older

you complete the whole thing now after you have your adjusted balance you ar prepared currently to complete your earnings report and record columns thus clearly what goes on to the income statement column the the profit-and-loss statement accounts what ar the operating statement account revenues and expenses so revenues and expenses goes under the income statement let me highlight them thus you have got revenues and expenses watch out though there is mixed up thereforeme assets and liabilities here that is why I highlighted revenues and expenses it should not be like this expenses should be all the manner at the bottom however that's okay therefore all the revenues and expenses area unit transferred to the revenues and expenses column okay thus 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 total debits and total credits on the revenues and expenses thus let's act and do so therefore the total credit and additionally the total debit they do not capable each other we have a tendency toll well 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 haven't got a loss here we've got additional credits than debits and more credits means we have more revenues than expenses it means that we've a profit thus notice this range here 2860 is net profit we put net profit beneath the debit column of the operating statement as a result of once we add the debit plus lucre the debit column plus cyber web income it should up to our revenue as a result of the expenses and the profit up to the revenue as a result of revenues minus expenses equal to profit okay so revenues minus expenses up to profit well or we can say revenue capable revenue equal adequate expenses and profit so he gets this can be were voice communication revenue up to expenses and profit okay therefore so we have ten thousand 600 currently additionally you transfer all the balance sheet account which are which area unit assets liabilities and dividend which is here you are expression dividend is not a record account affirmative it is not a balance sheet account but for the aim of the worksheet you'll transfer that account to the balance sheet column okay so all the assets money provides prepaid thus on then forth are transferred to the record currently under the record also after you add up the debits and also the credits they will not adequate each other however what you do if you've got a net profit you may take cyber web income and you transfer net profit to the credit column of the of the worksheet and why the credit column as a result of if it is 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 also the credit column and that they would up to each other currently if it's if it is 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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