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the credit column of the profit-and-loss statement therefore if we tend to had the loss if the corporate had a loss and what will a loss mean loss means that you've got additional expenses than revenues if he had a loss a loss goes below the debit column here i'm thereforerry beneath the credit column below the income statement and it goes beneath the debit column of the worksheet this manner the worksheet would then balance at intervals balance this is primarily a completed worksheet earnings on the worksheet a net profit is shown on the worksheet where earnings report debit column affirmative record debit column no not the balance sheet debit column no if it's a internet loss if it is a internet loss it will show on the balance sheet debit column profit-and-loss statement credit column no this is if we've a internet loss income statement debit column affirmative in record credit column additionally affirmative therefore check that to read all your answers before you answer an issue okay so that is where net income goes and this is often what it's showing here notice here it shows beneath here and here says what we're speech communication statement half the statement is prepared from the operating statement column obviously the record and retained earnings statements square measure prepared from the balance sheet column obviously and this can be the statement the name of the corporate the name of the statement and therefore the date remember the date is for a period of time for the income statement revenues minus expenses offers North American country that income and this is often a review we went over this maintained earnings remember the day is for a amount of time just like the profit-and-loss statement beginning retained earnings plus net income minus dividend provides you ending maintained earnings in net coming back from the financial statement on the record bear in mind the record is a point in time which is one one date we've got assets listed then liabilities with United States them total them then below equity we have ordinary shares and preserved earnings total them liabilities plus equity should be capable the assets this is what the balance sheet 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

you complete the complete factor currently once you've got your adjusted trial balance you're ready currently to finish your operating statement and record columns thus clearly what goes on to the operating statement column the the operating statement accounts what square measure the operating statement account revenues and expenses so revenues and expenses goes beneath the operating statement let me highlight them therefore you have got revenues and expenses watch out tho' there is concerned some assets and liabilities here that is why I highlighted revenues and expenses it shouldn't be like this expenses ought to be all the approach at rock bottom but that's okay so all the revenues and expenses area unit transferred to the revenues and expenses column okay so notice those ar the revenues and expenses revenues and expenses the revenues and expenses at now we add up the entire debits and total credits on the revenues and expenses thus let's go ahead and do thus so the total credit and also the total debit they don't adequate each other we tend toll we tend toll as a result of our revenues isn't capable our expenses if that is the case then we do not have a profit and we do not have a loss here we have a lot of credits than debits and more credits means that we've got additional revenues than expenses it suggests that we've a profits therefore notice this variety here 2860 is net income we place net income below the debit column of the profit-and-loss statement because once we add the debit plus income the debit column plus information superhighway income it ought to up to our revenue because the expenses plus the profit adequate the revenue as a result of revenues minus expenses up to profit okay therefore revenues minus expenses adequate to profit well or we can say revenue adequate to revenue equal adequate to expenses and profit therefore he gets this is often were language revenue equal to expenses and profit okay therefore so we've got ten thousand 600 currently conjointly you transfer all the record account which are which square measure assets liabilities and dividend that is here you are locution dividend isn't a record account affirmative it's not a record account except for the purpose of the worksheet you may transfer that account to the record column okay therefore all the assets cash supplies prepaid so on so forth are transferred to the record currently below the record also once you add up the debits and the credits they're going to not adequate one another however what you are doing if you have got a earnings you may take cyberspace income and you transfer net to the credit column of the of the worksheet and why the credit column because if it is a net income it's gonna increase your equity the equity is are listed beneath the credit column therefore once you are doing so then you add up the debit column and therefore the credit column and they would adequate to one another currently if it's if it is a loss if it is a loss if it's a loss the loss will go beneath the debit column of the worksheet and

hello associate degreed we tend tolcome to the session this is faculty member Farhad during this session we have a tendency to're attending to check out how to prepare a worksheet so basically what's a worksheet a worksheet may be a multi column type utilized in preparing budgets what's the multi column type essentially it's a form that have multiple columns associated we tend to're going to see one in a veryction that is attending to facilitate United States of America illustrate the purpose the worksheet is not part of the permanent accounting record basically it's a tool that can that we U.S.e to help U.S.A. prepare our financial statement a worksheet may be computerized worksheet using electronic computer program such as stand out or thereforeme individuals or thereforeme companies thereforeme tiny businesses they still use associate actual worksheet with which actual sheet and a pencil however generally speaking most most companies currently even tiny companies use thusme type of an accounting code it's ready employing a five-step process and we're gonna see why it's called five steps and therefore the use of a word kit as I told you is a tool and therefore if it is a tool it's nonmandatory so you don't so it's not part that you merely have to be compelled to show to the external users essentially the corporate used the worksheet and the background to assist them prepare their financial statement and what you see on front of you is a worksheet using stand out basically 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 ar gonna see we've got ten column it's a ten column worksheet and keep in mind we aforementioned it's a five step method and it we're gonna cross-check why it's called five step step one prepare a shot balance on the worksheet this is step one 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 really prepare your changes you extend it to the adjusted balance or the ultimate trial balance this is often step three step four in extend adjustment balances that the acceptable statement columns so as an example the incomes beneath the profit-and-loss statement column you have got a debit and a credit and all the connected debit balances goes to the operating statement column like such as expenses in the revenues that our credit goes to the credit balance and you have got a record column that has debit column and credit column and every one the record plus dividend all the balance sheet account plus dividend merely place everything that doesn't endure the earnings report goes beneath the record you're gonna say well dividend didn't you tell us it isn't a balance sheet account it is not a balance sheet account but for the aim of the worksheet it's gonna go beneath the record comma okay and we're gonna see however it works as a result of under the operating statement we're gonna be able to calculate net income or web loss we'll see this in a moment so this is let's consider an actual trial balance this is a shot balance and this is we're starting with those figures and in the globe this can be what would happen within the real world if you work in a cpa firm the business that you are operating for will provide you with simply a shot balance and it'll 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 to complete the changes completely I just adjusted balance prepare the financial statements from the statement and the balance sheet column Associate in Nursingd this is often what you're giving Associate in Nursingd hopefully if you are following my course ANd if you are looking at this course you ought to grasp where these balances are coming from those ar the balances that we 10d to computed in prior lecture therefore those area unit the unadjusted balance --is then from the unadjusted balance is additionally if you remember from the previous session we tend to prepare the adjustments are you voice communication why do not we tend to re-evaluate these changes we tend to prepare of these adjustments go back to the course and think about those changes if you're interested so adjusted supplies paid we tend to book depreciation we have a tendency to adjust an unearned revenue we we have a tendency to accrued revenues we accumulated expenses those are the changes then after we have the changes what we do is we tend to we and place the changes all on this worksheet as an example adjustment a supplies used we credit supplies we have a tendency to credit supplies beneath the mastercard and now we have a tendency to're operating beneath the adjustment column we tend to're operating underneath 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 terminated we credited paid insurance and we have a tendency to debited insurance expense that is that the adjustment adjustment C it's for depreciation expense we have a tendency to debited depreciation expense and that we attributable accumulated depreciation group action D service revenue recognized we have a tendency to debited a we tend to attributable an we credited service revenue and we debited unearned revenue thus on then forth so those are the changes that we prepared within the previous chapter so basically what it's we're inputting all these adjustments and notice you'll be able to see all of them on an equivalent page currently after clearly once you prepare your changes you are gonna get to the adjusted balance column the adjusted trial balance column what would you see there you'd see be adjusted varietys the adjusted number and see notice that the trial balance the balance total debits equal total credits the adjustments total debits equal total credits because for every debit we'd like the corresponding credit and under the adjusted balance we need also to have a balance because it is an adjusted trial balance it should balance currently however can we prepare the adjusted trial balance we'll take our beginning balances below the balance either add or cipher whatever the state of affairs may be add or reckon the adjustments then get to the adjusted balance for instance cash there was no adjustments there for cash transfer as 15200 provides we attributable provides basically crediting an quality would scale back the acid therefore the ending balance is a thousand therefore we started with 2 thousand 5 hundred minus fifteen hundred because it is an quality prepaid constant issue we started with six hundred minus fifty unearned revenue we started with one thousand 200 minus four hundred because it's it's a liability and that we debited the liability therefore the ending balance is eight hundred notice accounts payable is identical wasn't adjusted notes collectible was not adjusted they're the same stock 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 an increase we attributable revenue and that we attributable revenue again D and E each attributable revenue therefore the ending balances ten thousand 600 so basically what you do 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

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