Common Core Worksheets
Common Core Worksheets
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you complete the total issue now when you have got your adjusted trial balance you are prepared currently to complete your financial statement and balance sheet columns thus clearly what goes on to the earnings report column the the income statement accounts what square measure the financial statement account revenues and expenses so revenues and expenses goes under the operating statement let me highlight them thus you have got revenues and expenses watch out tho' there's entailed thereforeme 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 all-time low but that's okay so all the revenues and expenses area unit transferred to the revenues and expenses column okay thus notice those area unit the revenues and expenses revenues and expenses the revenues and expenses at this point we add up the entire debits and total credits on the revenues and expenses thus let's plow ahead and do thus so the total credit and the total debit they do not adequate to each other we tend toll we have a tendency toll as a result of our revenues isn't adequate 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 additional credits than debits and additional credits suggests that we have more revenues than expenses it means that we've got a income thus notice this number here 2860 is income we place net profit underneath the debit column of the operating statement because once we add the debit and net income the debit column and cyber web income it should adequate to our revenue because the expenses plus the profit up to the revenue because revenues minus expenses adequate to profit okay so revenues minus expenses adequate to profit well or we can say revenue up to revenue equal capable expenses plus profit thus he gets this is often were spoken language revenue capable expenses plus profit okay thus thus we have ten thousand six hundred currently conjointly you transfer all the record account that area unit that area unit assets liabilities and dividend that is here you are locution dividend isn't a balance sheet account yes it's not a balance sheet account but for the purpose of the worksheet you'll transfer that account to the record column okay so all the assets money supplies postpaid thus on then forth are transferred to the balance sheet currently below the record also when you add up the debits and therefore the credits they will not adequate one another but what you are doing if you have got a earnings you'll take internet income and you transfer profit to the credit column of the of the worksheet and why the credit column because if it is a net it's gonna increase your equity the equity is are listed below the credit column therefore once you are doing so then you add up the debit column and therefore the credit column and that they would adequate to each other now if it's if it's a loss if it's a loss if it's a loss the loss will go beneath the debit column of the worksheet and
balances and that they offer you this worksheet then you have to finish the adjustments utterly I just regulateed trial balance prepare the money statements from the statement and thus the record column ANd this is often what you're giving ANd hopefully if you area unit following my course associated if you are looking at this course you must apprehend where these balances are coming back from those area unit the balances that we have a tendency to computed in prior lecture therefore those are the unadjusted balance --is then from the unadjusted trial balance is also if you keep in mind from the prior session we prepare the changes are you saying why do not we reconsider these adjustments we have a tendency to prepare of these changes return to the course and examine those changes if you're interested so adjusted supplies prepaid we book depreciation we have a tendency to adjust associate honorary revenue we have a tendency to we tend to increased revenues we tend to accrued expenses those are the adjustments then after we've the adjustments what we do is we tend to we tend to associated put the changes all on this worksheet as an example adjustment a provides used we credit provides we tend to credit supplies beneath the credit card and now we're operating under the adjustment column we tend to're working under the adjustment column we tend to credit the supplies and that we have a tendency to debited supplies expense this can be the for provides for B it's insurance expired we have a tendency 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 debited depreciation expense and that we credited accumulated depreciation dealing D service revenue recognized we debited a we tend to attributable an we attributable service revenue and that we debited honorary revenue so on then forth therefore those are the changes that we prepared within the previous chapter so basically what it is we're inputting of these adjustments and see you'll see all of them on the same page currently when obviously once you prepare your adjustments you are gonna get to the adjusted balance column the adjusted balance column what would you see there you would see be adjusted ranges the adjusted number and notice notice that the balance the balance total debits equal total credits the adjustments total debits equal total credits as a result of for each debit we'd like the corresponding credit and underneath the adjusted balance we need also to have a balance because it's an adjusted balance it should balance currently however will we prepare the adjusted balance we'll take our starting balances underneath the balance either add or subtract regardless of the situation is add or cipher the changes then get to the adjusted trial balance for instance money there was no changes there for money transfer as 15200 supplies we attributable provides primarily crediting an plus would scale back the acid therefore the ending balance is a thousand thus we started with two thousand 5 hundred minus fifteen hundred as a result of it is an quality postpaid a similar thing we started with six hundred minus fifty unearned revenue we started with one thousand two hundred minus four hundred as a result of it's it's a liability and we debited the liability therefore the ending balance is eight hundred notice accounts collectible is a similar wasn't adjusted notes due wasn't adjusted they are the same common stock 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 an increase we attributable revenue and that we attributable revenue again D and E each credited revenue therefore the ending balances ten thousand 600 so essentially what you are doing is you're taking the start 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
the credit column of the income statement therefore if we have a tendency to had the loss if the corporate had a loss and what will a loss mean loss means that you have got more 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 income statement and it goes below the debit column of the worksheet this way the worksheet would then balance inside balance this is essentially a completed worksheet net income on the worksheet a net profit is shown on the worksheet where income statement debit column affirmative record debit column no not the record debit column no if it may be a internet loss if it's a net loss it'll show on the record debit column financial statement credit column no this is if we've a web loss earnings report debit column yes in balance sheet credit column conjointly affirmative thus check that to scan all your answers before you answer an issue okay thus that's wherever world wide web income goes and this is often what it's showing here notice here it shows underneath here and here says what we're spoken communication operating statement half the statement is ready from the statement column clearly the balance sheet and maintained earnings statements are prepared from the balance sheet column obviously and this can be the financial statement the name of the corporate the name of the statement and the date remember the date is for a period of time for the profit-and-loss statement revenues minus expenses provides United States that income and this can be a review we went over this preserved earnings keep in mind the day is for a amount of time similar to the earnings report starting maintained earnings and net income minus dividend provides you ending retained earnings in profits returning from the statement on the record bear in mind the balance sheet is a point in time that is one one date we have assets listed then liabilities with USA them total them then under equity we've common shares and maintained earnings total them liabilities and equity should be adequate to the assets this is often what the record is let's take a look at this exercise real fast to envision how it works so Susan is
hello and we 10d tolcome to the session this is often prof Farhad in this session we have a 10dency to're about to explore how to prepare a worksheet thus basically what's a worksheet a worksheet may be a multi column type employed in preparing budgets what's the multi column kind basically it's a form that have multiple columns and we have a tendency to're about to see one in a veryction that is aiming to help US illustrate the purpose the worksheet isn't part of the permanent accounting record basically it is a tool that will that we North American countrye to help North American nation prepare our finances a worksheet may be computerised worksheet using electronic programme like surpass or some folks or thereforeme corporations thusme small businesses they still use Associate in Nursing actual worksheet with which actual sheet and a pencil however typically speaking most most firms now even small firms use some type of an accounting code it's ready employing a 5-step process and we're gonna see why it's called 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 ex gratia so you don't so it isn't part that you got to show to the external users primarily the corporate used the worksheet and the background to help them prepare their monetary statement and what you see on front of you is a worksheet mistreatment excel essentially this is an surpass file and as you'll be able to tell there is series of columns then it's to be a lot of specific we decision this the ten column worksheet why convey column you're gonna see we've got ten column it is a ten column worksheet and bear in mind we same it is a 5 step process and it we're gonna inspect why it's known as five step the 1st step prepare a shot 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 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 balance or the final trial balance this is often step three step four in extend adjustment balances that the suitable statement columns so for example the incomes beneath the profit-and-loss statement column you've got 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 record 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 maintain the operating statement goes underneath the balance sheet you are gonna say well dividend did not you tell us it's not a balance sheet account it's not a balance sheet account except for the purpose of the worksheet it's gonna go beneath the record comma okay and we're gonna see how it works as a result of below the statement we're gonna be able to figure profit or net loss we'll see this in a moment so this is often let's check up on an actual balance this is an effort balance and this can be we're starting with those figures and within the universe this can be what would happen within the universe if you work in a cpa firm the business that you just are working for will provide you with simply a shot balance and it will be unadjusted as a result of all what they did is that they unbroken track of older
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