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the credit column of the operating statement therefore if we had the loss if the company had a loss and what will a loss mean loss means you have got additional expenses than revenues if he had a loss a loss goes beneath the debit column here i am thereforerry beneath the credit column underneath the earnings report and it goes below the debit column of the worksheet this way the worksheet would then balance within balance this is often primarily a completed worksheet lucre on the worksheet a income is shown on the worksheet wherever financial statement debit column yes balance sheet debit column no not the balance sheet debit column no if it may be 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 internet loss operating statement debit column affirmative in record credit column conjointly yes thus confirm to browse all your answers before you answer an issue okay therefore that is wherever internet income goes and this is often what it's showing here notice here it shows below here and here says what we're language profit-and-loss statement half the financial statement is ready from the financial statement column clearly the record and maintained earnings statements ar prepared from the record column obviously and this is often the statement the name of the company the name of the statement and therefore the date remember the date is for a period of your time for the profit-and-loss statement revenues minus expenses gives U.S. that income and this is often a review we went over this retained earnings keep in mind the day is for a amount of your time rather like the financial statement beginning maintained earnings and earnings minus dividend offers you ending maintained earnings in net coming from the income statement on the record bear in mind the balance sheet is a point in time which is one one date we have assets listed then liabilities with USA them total them then under equity we've got stock and maintained earnings total them liabilities and equity ought to be adequate to the assets this can be what the balance sheet is let's take a glance at this exercise real quick to examine 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

balances and they provide you with this worksheet then you've got to complete the changes utterly I just modifyed trial balance prepare the monetary statements from the financial statement and the record column associate degreed this is what you area unit giving Associate in Nursingd hopefully if you square measure following my course and if you ar looking at this course you ought to know wherever these balances ar returning from those ar the balances that we tend to computed in prior lecture therefore those square measure the unadjusted balance --is then from the unadjusted trial balance is also if you bear in mind from the previous session we prepare the changes are you locution why do not we have a tendency to check these adjustments we tend to prepare all these adjustments go back to the course and look at those changes if you are interested so adjusted provides paid we book depreciation we tend to adjust associate degree unearned revenue we tend to we increased revenues we accrued expenses those are the adjustments then once we've got the adjustments what we have a tendency to do is we have a tendency to we have a tendency to Associate in Nursingd put the changes all on this worksheet for instance adjustment a supplies used we have a tendency to credit provides we tend to credit provides under the credit card and currently we have a tendency to're operating below the adjustment column we have a tendency to're operating under the adjustment column we tend to credit the provides and that we debited provides expense this can be the for provides for B it's insurance terminated we have a tendency to attributable paid insurance and that we have a tendency to debited insurance expense that's the adjustment adjustment C it's for depreciation expense we tend to debited depreciation expense and we attributable accumulated depreciation group action D service revenue recognized we tend to debited a we attributable an we attributable service revenue and we debited unearned revenue thus on and thus forth therefore those are the adjustments that we ready in the previous chapter so primarily what it's we're inputting all these changes and see you can see all of them on constant page currently once clearly after you prepare your changes you are gonna get to the adjusted balance column the adjusted trial balance column what would you see there you would see be adjusted numbers the adjusted number and spot notice that the balance the balance total debits equal total credits the adjustments total debits equal total credits as a result of for every debit we'd like the corresponding credit and under the adjusted balance we'd like also to possess a balance as a result of it is an adjusted balance it should balance currently however will we prepare the adjusted balance we'll take our beginning balances beneath the balance either add or work out regardless of the state of affairs could be add or calculate the changes then get to the adjusted balance as an example money there was no adjustments there for money transfer as 15200 supplies we attributable supplies essentially crediting an quality would scale back the acid therefore the ending balance is a thousand so we started with 2 thousand five hundred minus fifteen hundred because it is an plus paid the same thing we started with 600 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 owed is the same was not adjusted notes due was not adjusted they are the same common shares 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 credited revenue again D and E each credited revenue therefore the ending balances ten thousand six hundred so basically what you are doing is you're taking the start balance if it's an expense and you debit an expense and expense increase that's your ending balance okay and

hello and we have a tendency tolcome to the session this can be faculty member Farhad during this session we're attending to scrutinize the way to prepare a worksheet therefore basically what is a worksheet a worksheet could be a multi column type utilized in making ready financial statements what is the multi column kind primarily it may be a type that have multiple columns Associate in Nursingd we have a tendency to're going to see one in associate degree exceedinglyction that is going to help United States illustrate the point the worksheet isn't a half of the permanent accounting record basically it may be a tool that will that we USAe to help America prepare our plan a worksheet is also computerized worksheet victimization electronic spreadsheet like stand out or thereforeme individuals or thusme firms thereforeme little businesses they still use associate degree actual worksheet with which actual sheet and a pencil but usually speaking most most firms now even little companies use thusme form of an accounting software it's ready employing a five-step process and we're gonna see why it's called 5 steps and the use of a word kit as I told you is a tool and thus if it is a tool it's elective so you don't so it is not part that you just ought to show to the external users basically the corporate 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 victimization surpass primarily this is an stand out file and as you'll be ready to tell there's series of columns then it's to be a lot of specific we call this the ten column worksheet why impart column you're gonna see we've ten column it's a ten column worksheet and keep in mind we aforementioned it is a five step method and it we're gonna inspect why it's referred to as five step the first step prepare a trial balance on the worksheet this is the first step so this can be the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you have 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 trial balance or the ultimate trial balance this can be step three step four in extend adjustment balances that the appropriate statement columns so as an example the incomes below the earnings report column you have got a debit and a credit and every one the related debit balances goes to the earnings report column like like expenses in the revenues that our credit goes to the credit balance and you have a balance sheet column that has debit column and credit column and all the balance sheet and dividend all the record account and dividend simply put everything that doesn't continue the profit-and-loss statement goes under the record you are gonna say well dividend did not you tell us it is not a record account it's not a balance sheet account but for the aim of the worksheet it's gonna go below the balance sheet comma okay and we're gonna see however it works as a result of beneath the operating statement we're gonna be able to work out profit or web loss we'll see this in a moment so this can be let's explore an actual balance this is an attempt balance and this can be we're starting with those figures and in the universe this can be what would happen within the real world if you're employed in a certified public accountant firm the business that you simply are working for will offer you simply an effort balance and it will be unadjusted because all what they did is they unbroken track of older

you complete the entire issue currently after you have your adjusted balance you square MEasure prepared now to complete your financial statement and record columns thus obviously what goes on to the financial statement column the the profit-and-loss statement accounts what square measure the statement account revenues and expenses therefore revenues and expenses goes under the operating statement let me highlight them so you have revenues and expenses watch out although there is involved thusme assets and liabilities here that is why I highlighted revenues and expenses it should not be like this expenses ought to be all the means at all-time low but that's okay thus all the revenues and expenses are 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 entire debits and total credits on the revenues and expenses thus let's go ahead and do therefore that the total credit and therefore the total debit they don't adequate one another we tend toll well as a result of our revenues is not capable our expenses if that is the case then we don't have a profit and we don't have a loss here we have a lot of credits than debits and more credits means that we have additional revenues than expenses it means that we've a earnings so notice this range here 2860 is profit we put profits below the debit column of the statement as a result of once we add the debit and net profit the debit column and Infobahn income it ought to up to our revenue because the expenses and the profit equal to the revenue as a result of revenues minus expenses adequate to profit okay therefore revenues minus expenses capable profit well or we will say revenue capable revenue equal up to expenses and profit thus he gets this is often were language revenue capable expenses and profit okay thus thus we've got ten thousand 600 currently additionally you transfer all the record account that are that area unit assets liabilities and dividend that is here you are oral communication dividend isn't a balance sheet account yes it isn't a record account but for the purpose of the worksheet you will transfer that account to the record column okay so all the assets money supplies postpaid thus on then forth are transferred to the record currently beneath the balance sheet also when you add up the debits and therefore the credits they'll not adequate each other but what you are doing if you have a profit you'll take the net income and you transfer profits to the credit column of the of the worksheet and why the credit column as a result of if it is a income it's gonna increase your equity the equity is are listed under the credit column therefore once you are doing so then you add up the debit column and the credit column and that they would capable one another now if it's if it is a loss if it's a loss if it is a loss the loss will go under the debit column of the worksheet and

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