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balances and they provide you with this worksheet then you have got to complete the adjustments fully I just regulateed balance prepare the monetary statements from the statement and the balance sheet column ANd this is what you're giving Associate in Nursingd hopefully if you area unit following my course associated if you're looking at this course you ought to know wherever these balances square measure returning from those square measure the balances that we have a 10dency to computed in prior lecture therefore those area unit the unadjusted trial balance --is then from the unadjusted balance is additionally if you bear in mind from the previous session we tend to prepare the adjustments are you saying why don't we re-examine these adjustments we tend to prepare all these adjustments go back to the course and look at those adjustments if you are interested so adjusted provides prepaid we book depreciation we have a tendency to adjust associate unearned revenue we have a tendency to we accumulated revenues we have a tendency to accrued expenses those are the adjustments then when we have the adjustments what we tend to do is we have a tendency to we have a tendency to Associate in Nursingd place the adjustments all on this worksheet for example adjustment a supplies used we credit provides we tend to credit supplies beneath the credit card and now we're operating beneath the adjustment column we have a tendency to're working beneath the adjustment column we tend to credit the provides and we debited supplies expense this is often the for provides for B it's insurance invalid we have a tendency to credited postpaid insurance and that we have a tendency to debited insurance expense that is the adjustment adjustment C it's for depreciation expense we have a tendency to debited depreciation expense and that we credited accumulated depreciation group action D service revenue recognized we tend to debited a we tend to attributable an we attributable service revenue and we debited honorary revenue thus on then forth so those are the changes that we prepared within the prior chapter so basically what it is we're inputting of these changes and spot you'll be able to see all of them on an equivalent page currently after clearly 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 varietys the adjusted number and spot notice that the trial balance the balance total debits equal total credits the adjustments total debits equal total credits because for every debit we need the corresponding credit and underneath the adjusted balance we want also to have a balance as a result of it's an adjusted trial balance it should balance currently how can we prepare the adjusted balance we'll take our beginning balances under the trial balance either add or figure regardless of the state of affairs may be add or cypher the adjustments then get to the adjusted trial balance as an example money there was no changes there for money transfer as 15200 provides we attributable supplies basically crediting an quality would reduce the acid therefore the ending balance is a thousand therefore we started with two thousand five hundred minus fifteen hundred as a result of it's an asset prepaid a similar issue we started with six hundred minus fifty unearned revenue we started with one thousand 2 hundred minus four hundred as a result of it's it's a liability and that we debited the liability thus the ending balance is eight hundred notice accounts owed is the same wasn't adjusted notes owed wasn't adjusted they're the same ordinary shares wasn't 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 a rise we attributable revenue and that we attributable revenue again D and E both credited revenue therefore the ending balances ten thousand 600 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 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

you complete the complete thing now when you have got your adjusted balance you ar prepared now to finish your operating statement and record columns thus clearly what goes on to the income statement column the the statement accounts what area unit the profit-and-loss statement account revenues and expenses thus revenues and expenses goes below the operating statement let me highlight them so you've got revenues and expenses take care tho' there is immersed some assets and liabilities here that's why I highlighted revenues and expenses it should not be like this expenses should be all the way at all-time low but that's okay therefore all the revenues and expenses square measure 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 time we tend to add up the whole debits and total credits on the revenues and expenses thus let's move and do therefore that the total credit and therefore the total debit they do not capable each other we have a tendency toll well as a result of our revenues is not up to our expenses if that is the case then we do not have a profit and we haven't got a loss here we've got additional credits than debits and more credits suggests that we've a lot of revenues than expenses it means that we have a income therefore notice this range here 2860 is profits we place net profit under the debit column of the statement as a result of once we add the debit and profits the debit column and net income it ought to equal to our revenue as a result of the expenses and the profit adequate the revenue because revenues minus expenses equal to profit okay so revenues minus expenses adequate profit well or we can say revenue adequate to revenue equal equal to expenses plus profit thus he gets this is were speech communication revenue capable expenses plus profit okay therefore therefore we've got ten thousand 600 currently also you transfer all the record account that ar which are assets liabilities and dividend that is here you are locution dividend is not a record account affirmative it's not a balance sheet account except for the aim of the worksheet you'll transfer that account to the record column okay thus all the assets cash provides postpaid so on so forth are transferred to the record currently beneath the balance sheet also after you add up the debits and therefore the credits they'll not adequate to each other but what you are doing if you have got a earnings you will take internet 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 lucre it's gonna increase your equity the equity is are listed underneath the credit column therefore once you are doing so then you add up the debit column and therefore the credit column and they would up to one another currently if it's if it is a loss if it's a loss if it is a loss the loss will go underneath the debit column of the worksheet and

the credit column of the profit-and-loss statement so if we tend to had the loss if the company had a loss and what will a loss mean loss means that you have got a lot of expenses than revenues if he had a loss a loss goes underneath the debit column here i'm thusrry beneath the credit column underneath the profit-and-loss statement and it goes beneath the debit column of the worksheet this manner the worksheet would then balance among balance this is basically a completed worksheet profits on the worksheet a earnings is shown on the worksheet where earnings report debit column yes balance sheet debit column no not the balance sheet debit column no if it may be a internet loss if it's a internet loss it'll show on the balance sheet debit column financial statement credit column no this can be if we've a internet loss operating statement debit column affirmative in balance sheet credit column additionally affirmative thus check that to read all of your answers before you answer a matter okay thus that's where net income goes and this can be what it's showing here notice here it shows underneath here and here says what we're language profit-and-loss statement part the income statement is ready from the earnings report column obviously the record and maintained earnings statements ar prepared from the record column obviously and this is the income 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 earnings report revenues minus expenses gives North American country that income and this is often a review we went over this preserved earnings bear in mind the day is for a period of your time a bit like the earnings report starting preserved earnings and net minus dividend offers you ending preserved earnings in net profit coming from the operating statement on the record remember the record is a purpose in time that is one one date we've assets listed then liabilities with United States of America them total them then below equity we've got common stock and preserved earnings total them liabilities and equity should be capable the assets this is often what the balance sheet is let's take a look at this exercise real quick to see how it works so Susan is

hello ANd we have a tendency tolcome to the session this is professor Farhad during this session we're progressing to cross-check a way to prepare a worksheet thus essentially what is a worksheet a worksheet may be a multi column form utilized in getting ready plans what is the multi column kind basically it is a form that have multiple columns associate degreed we're getting to see one in action that's progressing to help America illustrate the purpose the worksheet isn't a half of the permanent accounting record primarily it is a tool that will that we U.S.e to help United States prepare our plan a worksheet may be processed worksheet victimization electronic computer program like excel or some folks or some firms some small businesses they still use associate actual worksheet with that actual sheet and a pencil however typically speaking most most firms now even little companies use some variety of an accounting software system it's prepared employing a 5-step method and we're gonna see why it's called five 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 don't so it isn't part that you just ought to show to the external users essentially 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 exploitation excel essentially this can be an excel file and as you can tell there's series of columns then it's to be a lot of specific we call this the ten column worksheet why convey column you're gonna see we've got ten column it's a ten column worksheet and keep in mind we aforementioned it's a 5 step method and it we're gonna investigate why it's called five step the 1st step prepare an endeavor balance on the worksheet this is the 1st step so this is the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you have got another two 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 ultimate trial balance this can be step 3 step four in extend adjustment balances that the appropriate statement columns so for instance 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 statement column like such as 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 simply place everything that doesn't go on the financial statement goes underneath the record you are gonna say well dividend did not you tell us it isn't a balance sheet account it is not a balance sheet account except for the aim of the worksheet it's gonna go below the record comma okay and we're gonna see how it works as a result of beneath the earnings report we're gonna be able to cypher income or net loss we'll see this during a moment so this can be let's look at an actual balance this is an attempt balance and this can be we're beginning with those figures and within the universe this is often what would happen within the planet if you're employed in a comptroller firm the business that you are operating for will provide you with simply an attempt balance and it'll be unadjusted as a result of all what they did is that they unbroken track of older

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