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balances and they give you this worksheet then you have to finish the adjustments completely I just adjusted balance prepare the financial statements from the statement and additionally the record column and this can be what you're giving associated hopefully if you're following my course associated if you're looking at this course you ought to know wherever these balances square measure coming back from those ar the balances that we computed in prior lecture thus those ar the unadjusted balance --is then from the unadjusted trial balance is also if you bear in mind from the prior session we prepare the changes are you spoken language why do not we check these changes we tend to prepare of these changes go back to the course and examine those adjustments if you are interested therefore adjusted supplies paid we tend to book depreciation we have a tendency to adjust AN unearned revenue we tend to we tend to accumulated revenues we increased expenses those are the adjustments then after we have the adjustments what we tend to do is we have a tendency to we tend to associate degreed put the changes all on this worksheet for example adjustment a supplies used we credit supplies we credit provides below the mastercard and currently we're working under the adjustment column we tend to're operating below the adjustment column we have a tendency to credit the supplies and that we have a tendency to debited provides expense this can be the for provides for B it's insurance expired we have a tendency to credited prepaid insurance and that we have a tendency to debited insurance expense that is that the adjustment adjustment C it's for depreciation expense we have a tendency to debited depreciation expense and that we tend to credited accumulated depreciation transaction D service revenue recognized we tend to debited a we credited an we attributable service revenue and we debited unearned revenue therefore on and so forth thus those are the adjustments that we ready within the previous chapter therefore basically what it is we're inputting all these adjustments and spot you'll be able to see all of them on an equivalent page now once obviously after 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'd see be adjusted numbers 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 each debit we'd like the corresponding credit and below the adjusted balance we want also to possess a balance as a result of it is an adjusted trial balance it should balance now however can we prepare the adjusted balance we'll take our beginning balances below the trial balance either add or work out whatever the scenario may be add or compute the adjustments then get to the adjusted trial balance for instance money there was no adjustments there for money transfer as 15200 supplies we credited supplies basically crediting an plus would cut back the acid therefore the ending balance is a thousand thus we started with 2 thousand 5 hundred minus fifteen hundred as a result of it's an quality paid 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 so the ending balance is eight hundred notice accounts collectable is a similar wasn't adjusted notes due was not adjusted they're 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 a rise we credited revenue and we attributable revenue again D and E both credited revenue therefore the ending balances ten thousand 600 so primarily what you do 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

the credit column of the income statement thus if we have a tendency to had the loss if the corporate had a loss and what will a loss mean loss suggests that you have a lot of expenses than revenues if he had a loss a loss goes beneath the debit column here i am sorry underneath the credit column underneath the financial statement and it goes under the debit column of the worksheet this manner the worksheet would then balance within balance this is often basically a completed worksheet net profit on the worksheet a profit is shown on the worksheet where statement debit column affirmative record debit column no not the record debit column no if it's a web loss if it's a web loss it'll show on the balance sheet debit column statement credit column no this is often if we've got a internet loss earnings report debit column yes in balance sheet credit column additionally yes therefore make certain to scan all your answers before you answer a question okay therefore that is wherever cyber we tend tob income goes and this can be what it's showing here notice here it shows below here and here says what we're spoken communication income statement part the operating statement is prepared from the earnings report column obviously the record and retained earnings statements ar prepared from the record column obviously and this is the statement the name of the company the name of the statement and the date bear in mind the date is for a amount of time for the profit-and-loss statement revenues minus expenses offers U.S. that income and this is a review we went over this maintained earnings remember the day is for a period of your time a bit like the income statement beginning retained earnings and net profit minus dividend gives you ending maintained earnings in income returning from the operating statement on the balance sheet keep in mind the record is a point in time that is one one date we have assets listed then liabilities with North American nation them total them then underneath equity we've got ordinary shares and preserved earnings total them liabilities plus equity should be adequate to the assets this can be what the balance sheet is let's take a look at this exercise real quick to envision however it works so Susan is

you complete the entire factor now after you've got your adjusted balance you're ready currently to complete your statement and record columns so clearly what goes on to the statement column the the profit-and-loss statement accounts what are the income statement account revenues and expenses so revenues and expenses goes underneath the income statement let me highlight them therefore you have got revenues and expenses be careful though there's needed thusme 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 lowest however that is okay so all the revenues and expenses ar transferred to the revenues and expenses column okay therefore notice those ar the revenues and expenses revenues and expenses the revenues and expenses at this point we tend to add up the full debits and total credits on the revenues and expenses thus let's act and do so that the total credit and therefore the total debit they do not up to one another we tend toll we have a tendency toll as a result of our revenues is not adequate to our expenses if that is the case then we don't have a profit and that we do not have a loss here we've got more credits than debits and additional credits means that we've got more revenues than expenses it means that we have a earnings therefore notice this variety here 2860 is profit we put net under the debit column of the financial statement as a result of once we add the debit plus income the debit column plus net income it ought to adequate to our revenue as a result of the expenses plus the profit adequate the revenue as a result of revenues minus expenses adequate profit okay thus revenues minus expenses adequate to profit well or we are able to say revenue up to revenue equal adequate expenses and profit therefore he gets this is were language revenue equal to expenses plus profit okay thus so we have ten thousand 600 currently conjointly you transfer all the record account which area unit that ar assets liabilities and dividend that is here you're oral communication dividend isn't a balance sheet account yes it's not a record account but for the purpose of the worksheet you will transfer that account to the balance sheet column okay so all the assets cash provides postpaid so on so forth are transferred to the record now under the balance sheet also after you add up the debits and also the credits they'll not adequate one another but what you are doing if you have got a lucre you'll take internet income and you transfer profit to the credit column of the of the worksheet and why the credit column as a result of if it is a earnings 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 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

hello Associate in Nursingd welcome to the session this is often faculty member Farhad in this session we tend to're aiming to cross-check the way to prepare a worksheet therefore basically what is a worksheet a worksheet may be a multi column form utilized in making ready financial plans what's the multi column type primarily it's a kind that have multiple columns ANd we tend to're progressing to see one in a veryction that's getting to facilitate United States illustrate the point the worksheet isn't part of the permanent accounting record basically it may be a tool that may that we United Statese to assist U.S. prepare our finances a worksheet is also computerized worksheet exploitation electronic spreadsheet like excel or thereforeme individuals or thereforeme firms thusme small businesses they still use AN actual worksheet with which actual sheet and a pencil but generally speaking most most companies currently even small companies use thusme sort of an accounting software package it's ready employing a 5-step process and we're gonna see why it's referred to as five steps and also the use of a word kit as I told you is a tool and thus if it's a tool it's optional so you do not so it is not part that you need to show to the external users essentially the company used the worksheet and also the background to help them prepare their money statement and what you see on front of you is a worksheet victimisation excel primarily this can be an excel file and as you'll tell there's series of columns then it's to be additional specific we call this the ten column worksheet why thank column you're gonna see we have ten column it's a ten column worksheet and bear in mind we aforementioned it's a 5 step process and it we're gonna look into why it's called five step the 1st step prepare an effort balance on the worksheet this is 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 adjustments a debit column and a credit column for the adjustment the system to then truly prepare your adjustments you extend it to the adjusted balance or the final balance this is often step three step four in extend adjustment balances that the suitable statement columns so for instance the incomes underneath the financial statement column you have got a debit and a credit and all the related debit balances goes to the income statement column like like expenses in the revenues that our credit goes to the credit balance and you have got a balance sheet column that has debit column and credit column and all the record and dividend all the record account and dividend simply put everything that does not continue the profit-and-loss statement goes below the record you are gonna say well dividend didn't you tell us it isn't a record account it's not a record account except for the purpose of the worksheet it's gonna go underneath the record comma okay and we're gonna see however it works as a result of under the income statement we're gonna be able to reckon profits or net loss we'll see this in an exceedingly moment so this is often let's check out an actual balance this is a trial balance and this is often we're beginning with those figures and within the universe this is what would happen within the universe if you work in a CPA firm the business that you just are working for will give you simply a trial balance and it'll be unadjusted as a result of all what they did is that 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

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