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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

the credit column of the statement so if we had the loss if the corporate had a loss and what will a loss mean loss suggests that you've got additional expenses than revenues if he had a loss a loss goes underneath the debit column here i'm sorry below the credit column under the operating statement and it goes beneath the debit column of the worksheet this manner the worksheet would then balance inside balance this is primarily a completed worksheet profit on the worksheet a net profit is shown on the worksheet wherever operating statement debit column yes balance sheet debit column no not the balance sheet debit column no if it's a net loss if it's a net loss it'll show on the balance sheet debit column profit-and-loss statement credit column no this is often if we've a net loss statement debit column yes in record credit column conjointly affirmative therefore confirm to scan all of your answers before you answer a matter okay so that's wherever information superhighway income goes and this can be what it's showing here notice here it shows underneath here and here says what we're oral communication statement half the income statement is ready from the statement column clearly the balance sheet and preserved earnings statements are prepared from the balance sheet column obviously and this can be the profit-and-loss statement the name of the corporate the name of the statement and the date remember the date is for a amount of time for the financial statement revenues minus expenses provides US that income and this is often a review we went over this preserved earnings keep in mind the day is for a amount of time similar to the operating statement beginning retained earnings and income minus dividend gives you ending maintained earnings in profits coming from the statement on the record bear in mind the record is a point in time that is one one date we have assets listed then liabilities with US them total them then under equity we've stock and maintained earnings total them liabilities plus equity should be adequate to the assets this can be what the record is let's take a glance at this exercise real quick to check how it works so Susan is

you complete the whole thing currently after you have got your adjusted balance you're ready currently to complete your income statement and balance sheet columns therefore clearly what goes on to the operating statement column the the statement accounts what ar the earnings report account revenues and expenses therefore revenues and expenses goes underneath the earnings report let me highlight them thus you have got revenues and expenses watch out though there's called for thusme assets and liabilities here that's why I highlighted revenues and expenses it mustn't be like this expenses should be all the method at all-time low however that's okay so all the revenues and expenses square measure transferred to the revenues and expenses column okay thus notice those are the revenues and expenses revenues and expenses the revenues and expenses at now we add up the overall debits and total credits on the revenues and expenses thus let's act and do thus so the total credit and the total debit they don't adequate each other well we have a tendency toll as a result of our revenues is not up to our expenses if that's the case then we do not have a profit and we don't have a loss here we have additional credits than debits and more credits means we've more revenues than expenses it suggests that we've a net profit so notice this range here 2860 is profits we put profits under the debit column of the profit-and-loss statement as a result of once we add the debit plus net income the debit column and Infobahn income it ought to adequate our revenue as a result of the expenses and the profit capable the revenue as a result of revenues minus expenses capable profit okay thus revenues minus expenses adequate profit well or we can say revenue adequate to revenue equal up to expenses plus profit so he gets this can be were language revenue adequate expenses and profit okay thus thus we've ten thousand six hundred now also you transfer all the record account which are which are assets liabilities and dividend that is here you're saying dividend is not a record account affirmative it isn't a record account except for the purpose of the worksheet you may transfer that account to the record column okay so all the assets money provides paid thus on so forth are transferred to the record currently below the record also after you add up the debits and therefore the credits they'll not equal to each other however what you do if you've got a lucre you will take the net 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 net 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 the credit column and that they would capable each other currently if it's if it's a loss if it is a loss if it is a loss the loss will go underneath the debit column of the worksheet and

hello and we have a 10dency tolcome to the session this is often academician Farhad in this session we have a 10dency to're getting to verify the way to prepare a worksheet thus essentially what's a worksheet a worksheet could be a multi column form utilized in making ready budgets what's the multi column type essentially it's a form that have multiple columns ANd we have a tendency to're aiming to see one during action that's going to help U.S.A. illustrate the point the worksheet is not a part of the permanent accounting record basically it could be a tool which will that we U.S.A.e to assist U.S.A. prepare our financial statement a worksheet may be computerized worksheet using electronic computer programme like excel or thereforeme folks or thereforeme corporations thusme little businesses they still use an actual worksheet with that actual sheet and a pencil but generally speaking most most companies currently even tiny corporations use thereforeme type of an accounting software system it's ready 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's a tool it's ex gratia so you don't so it's not part that you have to show to the external users primarily the company used the worksheet and therefore the background to help them prepare their financial statement and what you see on front of you is a worksheet using stand out essentially this is an surpass file and as you'll tell there is series of columns then it's to be a lot of specific we decision this the ten column worksheet why thank column you're gonna see we've ten column it is a ten column worksheet and keep in mind we said it's a 5 step process and it we're gonna examine why it's called five step step one prepare an effort balance on the worksheet this can be the first step so this can be 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 really prepare your adjustments you extend it to the adjusted trial balance or the ultimate balance this is often step three step four in extend adjustment balances that the acceptable statement columns so for instance the incomes below the income statement column you have got a debit and a credit and all the connected debit balances goes to the statement column like such as expenses within 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 every one the balance sheet and dividend all the record account plus dividend simply put everything that doesn't endure the profit-and-loss statement goes beneath the balance sheet you're gonna say well dividend did not 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 under the balance sheet comma okay and we're gonna see how it works as a result of beneath the operating statement we're gonna be able to cypher earnings or web loss we'll see this in a moment so this is let's look at an actual balance this is an effort balance and this can be we're starting with those figures and within the globe this can be what would happen in the globe if you're employed in a certified public accountant firm the business that you are working for will give you simply an endeavor balance and it'll be unadjusted because all what they did is that they kept track of older

balances and that they provide you with this worksheet then you have got to complete the changes fully I just regulateed trial balance prepare the financial statements from the statement and the balance sheet column and this can be what you area unit giving associated hopefully if you're following my course and if you're looking at this course you ought to understand where these balances square measure returning from those are the balances that we tend to computed in prior lecture therefore those area unit the unadjusted trial balance --is then from the unadjusted balance is additionally if you remember from the prior session we have a tendency to prepare the changes are you speech communication why do not we go over these changes we have a tendency to prepare of these changes go back to the course and view those adjustments if you are interested therefore adjusted provides postpaid we book depreciation we tend to adjust an honorary revenue we have a tendency to we have a tendency to increased revenues we tend to accrued expenses those are the changes then once we've the adjustments what we tend to do is we we tend to Associate in Nursingd put the adjustments all on this worksheet as an example adjustment a provides used we tend to credit supplies we tend to credit provides beneath the mastercard and currently we have a tendency to're working under the adjustment column we're working under the adjustment column we have a tendency to credit the supplies and that we have a tendency to debited supplies expense this can be the for supplies for B it's insurance terminated we credited paid insurance and that we tend to debited insurance expense that is the adjustment adjustment C it's for depreciation expense we have a tendency to debited depreciation expense and we tend to credited accumulated depreciation group action D service revenue recognized we debited a we have a tendency to credited an we attributable service revenue and we debited honorary revenue so on so forth thus those are the adjustments that we ready within the previous chapter therefore basically what it's we're inputting all these adjustments and notice you'll see all of them on constant page currently once clearly after you prepare your changes you are gonna get to the adjusted trial balance column the adjusted trial balance column what would you see there you would 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 as a result of for each debit we need the corresponding credit and below the adjusted balance we want also to own a balance as a result of it is an adjusted balance it should balance now however can we prepare the adjusted trial balance we'll take our starting balances below the trial balance either add or reckon regardless of the situation may be add or reckon the changes then get to the adjusted balance for example money there was no adjustments there for money transfer as 15200 provides we attributable provides primarily crediting an asset would reduce the acid thus the ending balance is a thousand thus we started with 2 thousand five hundred minus fifteen hundred as a result of it is an quality postpaid the same issue we started with six hundred minus fifty unearned revenue we started with one thousand two hundred minus 400 as a result of it's it's a liability and that we debited the liability therefore the ending balance is eight hundred notice accounts collectable is the same was not adjusted notes owed was not adjusted they're the same ordinary shares 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 a rise we credited revenue and we attributable revenue again D and E both credited revenue therefore the ending balances ten thousand six hundred so essentially what you are doing is you are taking the beginning balance if it's an expense and you debit an expense and expense increase that is your ending balance okay and

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