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you complete the whole issue currently when you've got your adjusted balance you are prepared currently to complete your profit-and-loss statement and record columns so obviously what goes on to the income statement column the the income statement accounts what are the income statement account revenues and expenses so revenues and expenses goes beneath the operating statement let me highlight them thus you've got revenues and expenses use caution tho' there's involved thereforeme assets and liabilities here that is why I highlighted revenues and expenses it mustn't be like this expenses ought to be all the manner at the bottom however that's okay so all the revenues and expenses are transferred to the revenues and expenses column okay so notice those ar the revenues and expenses revenues and expenses the revenues and expenses at this time we add up the full debits and total credits on the revenues and expenses so let's move and do so that the total credit and the total debit they don't capable each other we tend toll we tend toll as a result of our revenues isn't up 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 a lot of credits than debits and additional credits means that we've got more revenues than expenses it means we have a net profit thus notice this number here 2860 is net we put net profit underneath the debit column of the income statement as a result of once we add the debit plus net income the debit column and cyber web income it ought to adequate our revenue because the expenses plus the profit adequate the revenue as a result of revenues minus expenses up to profit okay thus revenues minus expenses adequate to profit well or we area unit able to say revenue equal to revenue equal adequate to expenses and profit thus he gets this is were spoken communication revenue equal to expenses plus profit okay therefore thus we have ten thousand 600 now additionally you transfer all the balance sheet account that square measure that square measure assets liabilities and dividend that is here you are spoken communication dividend isn't a record account yes it is not a balance sheet account except for the aim of the worksheet you'll transfer that account to the balance sheet column okay thus all the assets money provides postpaid thus on and so forth are transferred to the record now underneath the balance sheet also when you add up the debits and therefore the credits they will not adequate to one another but what you are doing if you have a income you may take world wide web income and you transfer earnings to the credit column of the of the worksheet and why the credit column as a result of if it's a earnings it's gonna increase your equity the equity is are listed below the credit column therefore once you do so then you add up the debit column and also the credit column and that they would capable each other now if it's if it is a loss if it's a loss if it is a loss the loss will go below the debit column of the worksheet and

hello and we tend tolcome to the session this is prof Farhad in this session we tend to're planning to explore the way to prepare a worksheet thus primarily what is a worksheet a worksheet is a multi column kind utilized in preparing budgets what's the multi column type primarily it could be a form that have multiple columns associated we're aiming to see one in associate exceedinglyction that is aiming to help US illustrate the point the worksheet isn't part of the permanent accounting record primarily it is a tool that may that we United States of Americae to help us prepare our finances a worksheet may be computerised worksheet using electronic programme like surpass or thusme people or thusme companies thereforeme 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 prepared employing a five-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 is a tool it's nonobligatory so you don't so it's not part that you got to show to the external users primarily the corporate used the worksheet and also the background to help them prepare their financial statement and what you see on front of you is a worksheet exploitation surpass essentially this can be an surpass file and as you'll tell there is series of columns then it's to be more specific we call this the ten column worksheet why give thanks column you square measure 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 scrutinize why it's referred to as five step step one prepare an endeavor balance on the worksheet this is often the 1st step so this can be 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 changes you extend it to the adjusted trial balance or the final balance this is step 3 step four in extend adjustment balances that the acceptable statement columns so for example the incomes below the profit-and-loss statement column you've got a debit and a credit and every one the connected debit balances goes to the earnings report column like such as expenses within the revenues that our credit goes to the credit balance and you've got a record column that has debit column and credit column and every one the balance sheet and dividend all the record account and dividend simply place everything that does not proceed the earnings report goes underneath the record you're gonna say well dividend did not you tell us it isn't a record account it isn't a balance sheet account but for the aim of the worksheet it's gonna go under the record comma okay and we're gonna see how it works as a result of underneath the income statement we're gonna be able to reason net income or net loss we'll see this during a moment so this is often let's look at an actual trial balance this is an endeavor balance and this can be we're starting with those figures and in the planet this is what would happen in the globe if you're employed in a CPA firm the business that you are operating for will give you simply an effort balance and it will be unadjusted as a result of all what they did is they kept track of older

balances and they provide you with this worksheet then you have got to complete the adjustments completely I simply altered balance prepare the money statements from the profit-and-loss statement and the balance sheet column associate degreed this is often what you're giving and hopefully if you're following my course and if you're looking at this course you must grasp wherever these balances square measure coming from those square measure the balances that we tend to computed in prior lecture therefore those are the unadjusted trial balance --is then from the unadjusted balance is also if you remember from the previous session we have a tendency to prepare the adjustments are you saying why do not we think once more these adjustments we tend to prepare all these adjustments return to the course and examine those adjustments if you're interested so adjusted supplies postpaid we have a tendency to book depreciation we tend to adjust Associate in Nursing honorary revenue we tend to we accrued revenues we have a tendency to accumulated expenses those are the adjustments then after we've the changes what we have a tendency to do is we have a tendency to we have a tendency to associate degreed place the adjustments all on this worksheet as an example adjustment a supplies used we tend to credit provides we tend to credit provides beneath the mastercard and currently we tend to're working below the adjustment column we're working underneath the adjustment column we tend to credit the provides and that we debited supplies expense this is the for provides for B it's insurance expired we tend to credited postpaid insurance and that we tend to debited insurance expense that is that the adjustment adjustment C it's for depreciation expense we tend to debited depreciation expense and we have a tendency to attributable accumulated depreciation group action D service revenue recognized we tend to debited a we tend to credited an we attributable service revenue and that we debited honorary revenue so on then forth so those are the adjustments that we prepared in the previous chapter so basically what it's we're inputting all these changes and notice you can see all of them on an equivalent page now after obviously after you prepare your changes you're gonna get to the adjusted trial balance column the adjusted balance column what would you see there you'd see be adjusted ranges 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 need the corresponding credit and under the adjusted balance we want also to have a balance as a result of it is an adjusted balance it should balance now how will we prepare the adjusted trial balance we'll take our starting balances below the balance either add or compute regardless of the situation may be add or calculate the changes then get to the adjusted trial balance as an example cash there was no adjustments there for money transfer as 15200 provides we credited provides primarily crediting an asset would cut back the acid thus the ending balance is a thousand therefore we started with two thousand five hundred minus fifteen hundred because it's an asset prepaid a similar thing we started with 600 minus fifty unearned revenue we started with one thousand 200 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 an equivalent wasn't adjusted notes payable wasn't adjusted they're the same common stock was not 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 that we credited 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

the credit column of the earnings report therefore if we tend to had the loss if the corporate had a loss and what does a loss mean loss suggests that you have got a lot of expenses than revenues if he had a loss a loss goes below the debit column here i'm sorry below the credit column underneath the financial statement and it goes under the debit column of the worksheet this fashion the worksheet would then balance within balance this is basically a completed worksheet earnings on the worksheet a profit is shown on the worksheet wherever financial statement debit column yes record debit column no not the balance sheet debit column no if it's a net loss if it's a internet loss it'll show on the balance sheet debit column operating statement credit column no this is often if we have a internet loss profit-and-loss statement debit column affirmative in record credit column additionally yes thus make sure to scan all your answers before you answer a matter okay thus that's where Infobahn income goes and this can be what it's showing here notice here it shows underneath here and here says what we're saying statement part the operating statement is ready from the income statement column clearly the record and retained earnings statements square measure prepared from the record column clearly and this is often the financial statement the name of the corporate the name of the statement and the date bear in mind the date is for a amount of your time for the financial statement revenues minus expenses gives U.S. that income and this can be a review we went over this retained earnings bear in mind the day is for a period of your time similar to the operating statement starting maintained earnings and net minus dividend offers you ending maintained earnings in net income coming from the profit-and-loss statement on the balance sheet keep in mind the balance sheet is a point in time that is one one date we've assets listed then liabilities with United States them total them then under equity we have common stock and maintained earnings total them liabilities plus equity ought to be equal to the assets this is what the record is let's take a glance at this exercise real quick to visualize how 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

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