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the credit column of the income statement therefore if we had the loss if the corporate had a loss and what does a loss mean loss means that you have more expenses than revenues if he had a loss a loss goes below the debit column here i'm thereforerry under the credit column beneath the earnings report and it goes below the debit column of the worksheet this way the worksheet would then balance inside balance this is often basically a completed worksheet profits on the worksheet a net profit is shown on the worksheet where 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 internet loss it'll show on the balance sheet debit column earnings report credit column no this is often if we've got a net loss income statement debit column affirmative in record credit column also yes thus check that to browse all your answers before you answer an issue okay so that's wherever cyber we tend tob 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 income statement part the financial statement is ready from the statement column clearly the balance sheet and retained earnings statements area unit prepared from the balance sheet column obviously and this can be the earnings report the name of the corporate the name of the statement and the date keep in mind the date is for a period of time for the income statement revenues minus expenses gives North American country that income and this can be a review we went over this retained earnings remember the day is for a amount of time a bit like the operating statement starting retained earnings plus earnings minus dividend gives you ending preserved earnings in profits coming back from the income statement on the balance sheet remember the balance sheet is a purpose in time that is one one date we have assets listed then liabilities with US them total them then below equity we've ordinary shares and maintained earnings total them liabilities and equity should be up to the assets this can be what the record is let's take a look at this exercise real quick to examine however it works so Susan is

hello and we have a 10dency tolcome to the session this is prof Farhad in this session we have a 10dency to're aiming to investigate a way to prepare a worksheet so basically what is a worksheet a worksheet is a multi column form utilized in making ready financess what is the multi column form essentially it's a type that have multiple columns associated we tend to're planning to see one in action that's about to help North American country illustrate the purpose the worksheet is not a half of the permanent accounting record primarily it's a tool that may that we U.S.e to assist US prepare our financial statement a worksheet could also be processed worksheet mistreatment electronic programme like excel or some folks or thereforeme corporations some tiny businesses they still use AN actual worksheet with that actual sheet and a pencil however generally speaking most most companies currently even small companies use thusme style of an accounting software system it's ready employing a 5-step process and we're gonna see why it's known as 5 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 ex gratia so you don't so it's not part that you simply need to show to the external users primarily the corporate used the worksheet and therefore the background to assist them prepare their money statement and what you see on front of you is a worksheet victimisation stand out essentially this can be an stand out file and as you'll tell there is series of columns then it's to be additional specific we call this the ten column worksheet why give thanks column you're gonna see we have ten column it is a ten column worksheet and keep in mind we said it is a 5 step process and it we're gonna check up on why it's called five step the first step prepare an attempt balance on the worksheet this is often the first 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 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 balance or the ultimate balance this is step three step four in extend adjustment balances that the suitable statement columns so for instance the incomes beneath the statement column you have got a debit and a credit and every one the related debit balances goes to the financial statement column like such as expenses within the revenues that our credit goes to the credit balance and you have a record column that has debit column and credit column and all the balance sheet and dividend all the record account plus dividend merely put everything that doesn't endure the statement goes underneath the balance sheet you are gonna say well dividend didn't you tell us it's not a record account it's not a record account but for the purpose of the worksheet it's gonna go underneath the balance sheet comma okay and we're gonna see however it works as a result of below the earnings report we're gonna be able to reckon net profit or internet loss we'll see this in a moment so this can be let's check out an actual balance this is a trial balance and this can be we're beginning with those figures and within the planet this can be what would happen within the planet if you're employed in a accountant firm the business that you are operating for will provide you with simply an attempt balance and it'll be unadjusted because all what they did is that they kept track of older

balances and they provide you with this worksheet then you have to finish the changes fully I just modifyed trial balance prepare the monetary statements from the profit-and-loss statement and additionally the balance sheet column Associate in Nursingd this can be what you're giving associate degreed hopefully if you're following my course associated if you're looking at this course you must grasp wherever these balances are coming from those area unit the balances that we have a tendency to computed in previous lecture therefore those square measure the unadjusted trial balance --is then from the unadjusted balance is also if you keep in mind from the prior session we tend to prepare the adjustments are you speech why do not we check these adjustments we have a tendency to prepare all these adjustments return to the course and consider those adjustments if you are interested therefore adjusted provides prepaid we tend to book depreciation we have a tendency to adjust AN unearned revenue we tend to we tend to accrued revenues we tend to accrued expenses those are the changes then when we have the adjustments what we do is we tend to we tend to associated place the adjustments all on this worksheet for example adjustment a supplies used we credit supplies we have a tendency to credit provides underneath the credit card and currently we tend to're working below the adjustment column we tend to're working below the adjustment column we tend to credit the provides and that we tend to debited supplies expense this is the for supplies for B it's insurance invalid we tend to attributable paid insurance and we tend to debited insurance expense that's the adjustment adjustment C it's for depreciation expense we debited depreciation expense and we attributable accumulated depreciation group action D service revenue recognized we have a tendency to debited a we have a tendency to credited an we attributable service revenue and that we debited unearned revenue therefore on and then forth so those are the changes that we ready within the previous chapter therefore essentially what it's we're inputting all these changes and notice you can see all of them on a similar page currently when obviously once you prepare your changes you're gonna get to the adjusted balance column the adjusted trial balance column what would you see there you'd see be adjusted ranges 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'd like the corresponding credit and below the adjusted balance we need also to own a balance as a result of it is an adjusted trial balance it should balance currently how will we prepare the adjusted trial balance we'll take our starting balances under the balance either add or cypher regardless of the scenario is add or take off the adjustments then get to the adjusted balance as an example cash there was no adjustments there for money transfer as 15200 provides we credited provides basically crediting an plus would scale back the acid therefore the ending balance is a thousand therefore we started with two thousand 5 hundred minus fifteen hundred as a result of it's an plus postpaid identical thing we started with six hundred minus fifty honorary revenue we started with one thousand 2 hundred minus four hundred because it's it's a liability and we debited the liability thus the ending balance is eight hundred notice accounts collectable is an equivalent was not adjusted notes collectible was not adjusted they're the same 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 a rise we attributable revenue and that we attributable revenue again D and E each credited revenue therefore the ending balances ten thousand six hundred so basically what you are doing is you are taking 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 factor currently when you have got your adjusted balance you square American stateasure ready now to complete your profit-and-loss statement and balance sheet columns so obviously what goes on to the income statement column the the statement accounts what ar the income statement account revenues and expenses therefore revenues and expenses goes under the statement let me highlight them therefore you have got revenues and expenses be careful although there is immersed some assets and liabilities here that is why I highlighted revenues and expenses it should not be like this expenses should be all the way at the bottom but that's okay therefore all the revenues and expenses area unit 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 add up the whole debits and total credits on the revenues and expenses thus let's go ahead and do so that the total credit and the total debit they do not adequate to each other well well as a result of our revenues isn't capable our expenses if that is the case then we don't have a profit and that we haven't got a loss here we have additional credits than debits and more credits suggests that we've a lot of revenues than expenses it means that we've got a income so notice this number here 2860 is profit we put profits under the debit column of the operating statement because once we add the debit plus profits the debit column plus the net income it should adequate our revenue as a result of the expenses and the profit up to the revenue because revenues minus expenses adequate profit okay therefore revenues minus expenses adequate to profit well or we will say revenue up to revenue equal up to expenses and profit thus he gets this can be were locution revenue adequate to expenses and profit okay therefore thus we have ten thousand 600 now conjointly you transfer all the record account that ar that square measure assets liabilities and dividend that is here you're saying dividend is not a record account yes it is not a balance sheet account except for the purpose of the worksheet you may transfer that account to the record column okay so all the assets money provides prepaid thus on so forth are transferred to the record now underneath the balance sheet also after you add up the debits and the credits they'll not up to one another however what you are doing if you've got a net profit you will take net 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 is a profits 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 the credit column and that they would adequate one another now if it's if it's a loss if it's a loss if it is a loss the loss will go below the debit column of the worksheet and

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