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you complete the complete thing now after you have your adjusted balance you're prepared currently to finish your financial statement and record columns so obviously what goes on to the profit-and-loss statement column the the profit-and-loss statement accounts what area unit the operating statement account revenues and expenses so revenues and expenses goes under the financial statement let me highlight them thus you have got revenues and expenses be careful though there's involved thusme assets and liabilities here that is why I highlighted revenues and expenses it mustn't be like this expenses should be all the approach at the lowest but that is okay so all the revenues and expenses area unit transferred to the revenues and expenses column okay therefore notice those area unit 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 therefore let's move and do thus that the total credit and also the total debit they do not up to each other we tend toll we have a tendency toll as a result of our revenues is not capable our expenses if that is the case then we do not have a profit and we don't have a loss here we've additional credits than debits and more credits suggests that we've got a lot of revenues than expenses it suggests that we've a profits so notice this range here 2860 is net profit we place net profit under the debit column of the operating statement because once we add the debit plus income the debit column plus net income it should adequate to our revenue as a result of the expenses plus the profit adequate to the revenue as a result of revenues minus expenses equal to profit okay thus revenues minus expenses adequate profit well or we ar able to say revenue equal to revenue equal adequate expenses and profit therefore he gets this is were saying revenue up to expenses plus profit okay therefore thus we have ten thousand six hundred now additionally you transfer all the balance sheet account which square measure which square measure assets liabilities and dividend that is here you are oral communication dividend isn't a record account affirmative it is not a record account except for the aim of the worksheet you'll transfer that account to the balance sheet column okay therefore all the assets cash provides postpaid therefore on and so forth are transferred to the balance sheet currently below the balance sheet also after you add up the debits and the credits they will not up to each other however what you are doing if you have a profit you may take net income and you transfer net to the credit column of the of the worksheet and why the credit column as a result of if it is a net income it's gonna increase your equity the equity is are listed below the credit column therefore once you are doing so then you add up the debit column and also the credit column and that they would capable one another now if it's if it's a loss if it is a loss if it is a loss the loss will go under the debit column of the worksheet 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

balances and that they offer you this worksheet then you have to complete the changes utterly I just altered trial balance prepare the monetary statements from the statement and additionally the balance sheet column ANd this is often what you're giving associated hopefully if you ar following my course Associate in Nursingd if you're looking at this course you should understand wherever these balances area unit coming back from those are the balances that we 10d to computed in prior lecture thus those are the unadjusted balance --is then from the unadjusted balance is also if you remember from the previous session we tend to prepare the adjustments are you oral communication why do not we have a tendency to re-examine these adjustments we prepare of these adjustments go back to the course and think about those changes if you are interested so adjusted supplies postpaid we have a tendency to book depreciation we tend to adjust Associate in Nursing unearned revenue we we have a tendency to increased revenues we tend to accumulated expenses those are the adjustments then when we've got the adjustments what we do is we we have a tendency to and place the changes all on this worksheet as an example adjustment a supplies used we have a tendency to credit provides we have a tendency to credit provides underneath the credit card and now we're operating under the adjustment column we have a tendency to're operating under the adjustment column we tend to credit the supplies and we debited provides expense this is often the for provides for B it's insurance expired we have a tendency to attributable postpaid insurance and we have a tendency to debited insurance expense that is that the adjustment adjustment C it's for depreciation expense we debited depreciation expense and that we tend to credited accumulated depreciation group action D service revenue recognized we debited a we credited an we attributable service revenue and that we debited unearned revenue therefore on so forth thus those are the changes that we ready within the previous chapter so basically what it is we're inputting of these adjustments and notice you can see all of them on constant page now after clearly when you prepare your changes you are gonna get to the adjusted balance column the adjusted balance column what would you see there you would see be adjusted ranges the adjusted number and spot notice that the balance the balance total debits equal total credits the changes total debits equal total credits as a result of for each debit we'd like the corresponding credit and underneath the adjusted balance we'd like also to possess a balance because it's an adjusted balance it should balance currently however do we prepare the adjusted balance we'll take our starting balances underneath the trial balance either add or cipher whatever the state of affairs could be add or reckon the adjustments then get to the adjusted balance for example money there was no changes there for money transfer as 15200 supplies we attributable provides basically crediting an asset would reduce the acid therefore the ending balance is a thousand thus we started with two thousand 5 hundred minus fifteen hundred as a result of it's an asset postpaid constant thing 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 we debited the liability therefore the ending balance is eight hundred notice accounts payable is constant wasn't adjusted notes collectable wasn't adjusted they are the same common 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 an increase we attributable revenue and we attributable revenue again D and E both credited revenue therefore the ending balances ten thousand 600 so primarily what you do is you are taking the beginning balance if it's an expense and you debit an expense and expense increase that's your ending balance okay and

hello ANd welcome to the session this is often professor Farhad in this session we have a tendency to're aiming to consider the way to prepare a worksheet so primarily what is a worksheet a worksheet could be a multi column form utilized in getting ready financess what is the multi column type essentially it's a kind that have multiple columns associated we're planning to see one in action that is getting to facilitate North American country illustrate the point the worksheet is not a half of the permanent accounting record essentially it may be a tool that will that we U.S.e to help North American country prepare our financial plan a worksheet could also be processed worksheet exploitation electronic computer program like excel or thereforeme individuals or thusme corporations some little businesses they still use AN actual worksheet with which actual sheet and a pencil but typically speaking most most corporations currently even little firms use some form of an accounting software package it's ready using a five-step process and we're gonna see why it's referred to as 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 ex gratia so you don't so it isn't part that you simply have to show to the external users primarily the corporate 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 using stand out essentially this is an excel file and as you'll be able to tell there's series of columns then it's to be more specific we decision this the ten column worksheet why give thanks column you area unit gonna see we've ten column it's a ten column worksheet and remember we said it is a five step method and it we're gonna look at why it's known as five step the 1st step prepare an endeavor balance on the worksheet this can be the first step so this is often 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 truly prepare your adjustments you extend it to the adjusted 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 beneath the profit-and-loss statement column you have a debit and a credit and every one the connected debit balances goes to the income statement column like such as expenses in 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 all the record and dividend all the balance sheet account plus dividend simply place everything that doesn't go on the income statement goes under the balance sheet you are gonna say well dividend didn't you tell us it is not a balance sheet account it isn't a balance sheet account but for the aim of the worksheet it's gonna go underneath the balance sheet comma okay and we're gonna see how it works because below the income statement we're gonna be able to figure profit or web loss we'll see this during a moment so this is let's explore an actual balance this can be an attempt balance and this can be we're beginning with those figures and within the world this is what would happen within the globe if you're employed in a comptroller firm the business that you simply are operating for will offer you simply a shot balance and it'll be unadjusted because all what they did is that they kept track of older

the credit column of the earnings report so if we have a tendency to had the loss if the corporate had a loss and what does a loss mean loss means that you've got more expenses than revenues if he had a loss a loss goes below the debit column here i'm thusrry beneath the credit column underneath the profit-and-loss statement and it goes underneath the debit column of the worksheet this manner the worksheet would then balance inside balance this is often essentially a completed worksheet earnings on the worksheet a earnings is shown on the worksheet wherever earnings report debit column yes record debit column no not the record debit column no if it's a net loss if it's a internet loss it'll show on the record debit column operating statement credit column no this can be if we have a web loss profit-and-loss statement debit column yes in balance sheet credit column additionally yes therefore certify to scan all of your answers before you answer a matter okay therefore that is where cyber we have a tendency tob income goes and this is often what it's showing here notice here it shows underneath here and here says what we're spoken communication financial statement half the financial statement is ready from the income statement column clearly the record and retained earnings statements area unit prepared from the balance sheet column obviously and this is the earnings report 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 financial statement revenues minus expenses provides 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 amount of time similar to the earnings report starting maintained earnings and profit minus dividend gives you ending maintained earnings in net income coming back from the statement on the balance sheet remember the balance sheet is a purpose in time which is one one date we've got assets listed then liabilities with U.S. them total them then underneath equity we've got common stock and preserved earnings total them liabilities and equity should be adequate the assets this can be what the record is let's take a look at this exercise real fast to check however it works so Susan is

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