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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

hello associated we have a 10dency tolcome to the session this can be prof Farhad in this session we tend to're planning to check up on how to prepare a worksheet so basically what is a worksheet a worksheet is a multi column type utilized in making ready plans what is the multi column form basically it's a form that have multiple columns ANd we tend to're getting to see one during action that is getting to facilitate North American nation illustrate the point the worksheet is not a part of the permanent accounting record basically it may be a tool which will that we United States of Americae to assist North American nation prepare our finances a worksheet could also be computerized worksheet using electronic computer programme like excel or some people or thereforeme companies thereforeme tiny businesses they still use associate degree actual worksheet with that actual sheet and a pencil however generally speaking most most companies currently even tiny companies use some type of an accounting computer code it's ready employing a 5-step process and we're gonna see why it's known as five steps and also the use of a word kit as I told you is a tool and therefore if it's a tool it's ex gratia so you don't so it is not part that you simply have to be compelled to show to the external users primarily the company used the worksheet and also the background to assist them prepare their money statement and what you see on front of you is a worksheet mistreatment stand out essentially this is often an excel file and as you'll tell there is series of columns then it's to be a lot of specific we call this the ten column worksheet why thank column you ar gonna see we have ten column it's a ten column worksheet and remember we said it is a 5 step process and it we're gonna verify why it's called five step the first step prepare a trial balance on the worksheet this is the first step so this can be the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you have got another 2 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 trial balance this can be step three step four in extend adjustment balances that the suitable statement columns so as an example the incomes beneath the profit-and-loss 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 within the revenues that our credit goes to the credit balance and you have a balance sheet column that has debit column and credit column and every one the balance sheet plus dividend all the balance sheet account plus dividend simply put everything that doesn't continue the statement goes below the balance sheet you're gonna say well dividend didn't you tell us it isn't a record account it's not a record account except for the aim of the worksheet it's gonna go beneath the balance sheet comma okay and we're gonna see how it works because underneath the operating statement we're gonna be able to compute net or web loss we'll see this during a moment so this is let's scrutinize an actual balance this can be an attempt balance and this is often we're starting with those figures and in the globe this is what would happen in the planet if you're employed in a CPA firm the business that you just are operating for will offer you simply an attempt balance and it'll be unadjusted because all what they did is they kept track of older

balances and they offer you this worksheet then you've got to complete the adjustments utterly I just adjusted balance prepare the financial statements from the statement and thus the balance sheet column ANd this is often what you're giving ANd hopefully if you're following my course associated if you're looking at this course you must apprehend wherever these balances square measure coming back from those square measure the balances that we computed in prior lecture thus those square measure the unadjusted trial balance --is then from the unadjusted balance is also if you bear in mind from the previous session we have a tendency to prepare the adjustments are you voice communication why don't we re-examine these changes we have a tendency to prepare of these changes return to the course and think about those adjustments if you are interested therefore adjusted provides prepaid we book depreciation we have a tendency to adjust associate degree honorary revenue we we accrued revenues we have a tendency to increased expenses those are the changes then when we've the adjustments what we do is we we associate degreed put the changes all on this worksheet for instance adjustment a supplies used we tend to credit provides we have a tendency to credit supplies under the credit card and now we tend to're operating below the adjustment column we're operating below the adjustment column we have a tendency to credit the provides and we have a tendency to debited supplies expense this is often the for supplies for B it's insurance expired we attributable paid insurance and that we have a tendency to debited insurance expense that's the adjustment adjustment C it's for depreciation expense we debited depreciation expense and we have a tendency to credited accumulated depreciation transaction D service revenue recognized we tend to debited a we attributable an we attributable service revenue and that we debited unearned revenue thus on and so forth therefore those are the changes that we ready in the previous chapter so primarily what it's we're inputting of these changes and see you'll see all of them on identical page now once obviously after you prepare your changes you are gonna get to the adjusted balance column the adjusted trial balance column what would you see there you would see be adjusted numbers the adjusted number and spot notice that the balance the balance total debits equal total credits the adjustments total debits equal total credits as a result of for every debit we want the corresponding credit and beneath the adjusted balance we need also to possess a balance because it's an adjusted balance it should balance currently how will we prepare the adjusted balance we'll take our beginning balances beneath the trial balance either add or calculate regardless of the situation may be add or take off the changes then get to the adjusted trial balance for example cash there was no changes there for money transfer as 15200 provides we credited provides basically crediting an quality would reduce the acid so the ending balance is a thousand thus we started with 2 thousand five hundred minus fifteen hundred as a result of it is an plus paid constant factor we started with six hundred 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 thus the ending balance is eight hundred notice accounts collectable is identical was not adjusted notes due wasn't adjusted they are the same stock wasn't 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 credited revenue again D and E both credited revenue therefore the ending balances ten thousand six hundred so essentially 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

the credit column of the income statement so if we tend to had the loss if the company 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 under the debit column here i'm thusrry underneath the credit column below the operating statement and it goes under the debit column of the worksheet this fashion the worksheet would then balance at intervals balance this is often basically a completed worksheet earnings on the worksheet a lucre is shown on the worksheet where 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 will show on the record debit column income statement credit column no this is if we've a net loss financial statement debit column yes in balance sheet credit column conjointly affirmative therefore check that to read all your answers before you answer a matter okay so that is where internet income goes and this is often what it's showing here notice here it shows under here and here says what we're oral communication profit-and-loss statement half the income statement is ready from the statement column obviously the record and maintained earnings statements square measure prepared from the balance sheet column clearly and this can be the earnings report the name of the company the name of the statement and the date remember the date is for a period of your time for the earnings report revenues minus expenses provides North American country that income and this is a review we went over this maintained earnings bear in mind the day is for a period of time rather like the operating statement beginning retained earnings and lucre minus dividend offers you ending retained earnings in profit coming from the earnings report on the balance sheet remember the record is a purpose in time which is one one date we've got assets listed then liabilities with United States them total them then below equity we've common stock and maintained earnings total them liabilities and equity ought to be capable the assets this can be what the balance sheet is let's take a glance at this exercise real fast to check how it works so Susan is

you complete the full issue currently after you have got your adjusted balance you're ready currently to complete your financial statement and record columns so clearly what goes on to the income statement column the the financial statement accounts what ar the profit-and-loss statement account revenues and expenses therefore revenues and expenses goes underneath the income statement let me highlight them thus you have got revenues and expenses watch out although there is called for thereforeme 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 the lowest however that is okay thus all the revenues and expenses square measure 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 thus let's act and do thus therefore the total credit and the total debit they don't up to one another we tend toll well as a result of our revenues isn't capable our expenses if that's the case then we do not have a profit and that we don't have a loss here we've additional credits than debits and a lot of credits means that we've more revenues than expenses it suggests that we've got a income so notice this number here 2860 is net we put net income below the debit column of the statement as a result of once we add the debit and profits the debit column plus cyberspace income it ought to adequate to our revenue as a result of the expenses and the profit adequate to the revenue as a result of revenues minus expenses adequate profit okay thus revenues minus expenses equal to profit well or we area unit able to say revenue capable revenue equal up to expenses plus profit thus he gets this is were voice communication revenue adequate expenses plus profit okay so so we've ten thousand six hundred now additionally you transfer all the balance sheet account which square measure which area unit assets liabilities and dividend that is here you are locution dividend is not a balance sheet account affirmative it isn't a balance sheet account except for the purpose of the worksheet you may transfer that account to the balance sheet column okay so all the assets money supplies postpaid thus on so forth are transferred to the balance sheet now underneath the balance sheet also when you add up the debits and therefore the credits they're going to not capable one another however what you are doing if you have got a profits you may take Infobahn 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 net profit 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 they would equal to one another currently if it's if it's 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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