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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

balances and they provide you with this worksheet then you have got to finish the changes completely I just adjusted trial balance prepare the financial statements from the operating statement and also the record column associate degreed this is what you're giving and hopefully if you're following my course Associate in Nursingd if you're looking at this course you must grasp wherever these balances area unit coming back from those square measure the balances that we computed in prior lecture so those are the unadjusted trial balance --is then from the unadjusted trial balance is also if you remember from the prior session we tend to prepare the changes are you speech why do not we go over these adjustments we have a tendency to prepare of these adjustments go back to the course and consider those changes if you're interested so adjusted provides prepaid we have a tendency to book depreciation we tend to adjust associate degree unearned revenue we tend to we tend to increased revenues we have a tendency to accrued expenses those are the changes then when we have the adjustments what we do is we have a tendency to we have a tendency to ANd place the adjustments all on this worksheet for example adjustment a provides used we credit supplies we have a tendency to credit provides beneath the mastercard and now we have a tendency to're working below the adjustment column we tend to're working underneath the adjustment column we credit the supplies and that we debited provides expense this can be the for provides for B it's insurance expired we tend to attributable postpaid insurance and we tend to debited insurance expense that is that the adjustment adjustment C it's for depreciation expense we tend to debited depreciation expense and that we have a tendency to credited accumulated depreciation group action D service revenue recognized we have a tendency to debited a we have a tendency to attributable an we attributable service revenue and that we debited unearned revenue therefore on then forth therefore those are the adjustments that we prepared in the previous chapter thus primarily what it is we're inputting all these adjustments and spot you'll be able to see all of them on the same page currently once clearly once you prepare your adjustments 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 notice notice that the trial balance the balance total debits equal total credits the changes total debits equal total credits as a result of for each debit we need the corresponding credit and beneath the adjusted balance we need also to own 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 starting balances under the balance either add or cypher regardless of the situation may be add or deduct the changes then get to the adjusted trial balance for instance money there was no adjustments there for cash transfer as 15200 provides we attributable provides primarily crediting an asset would scale back the acid therefore the ending balance is a thousand therefore we started with 2 thousand five hundred minus fifteen hundred as a result of it is an asset postpaid identical issue we started with six hundred minus fifty unearned revenue we started with one thousand two hundred minus four hundred as a result of it's it's a liability and we debited the liability therefore the ending balance is eight hundred notice accounts owed is an equivalent wasn't adjusted notes payable wasn't 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 an increase we attributable revenue and we attributable revenue again D and E each credited revenue therefore the ending balances ten thousand 600 so essentially 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

hello associate degreed we have a 10dency tolcome to the session this can be academic Farhad during this session we tend to're attending to look into how to prepare a worksheet so primarily what's a worksheet a worksheet is a multi column kind utilized in preparing financess what is the multi column form basically it is a form that have multiple columns associate degreed we have a tendency to're about to see one in action that's planning to help U.S. illustrate the purpose the worksheet is not part of the permanent accounting record primarily it's a tool that will that we U.S.e to assist us prepare our plan a worksheet may be computerised worksheet using electronic computer programme like excel or some people or some companies thereforeme tiny businesses they still use an actual worksheet with that actual sheet and a pencil but generally speaking most most companies currently even little companies use thusme variety of an accounting software system it's prepared employing a 5-step method and we're gonna see why it's called 5 steps and therefore the use of a word kit as I told you is a tool and therefore if it's a tool it's optional so you do not so it is not part that you just have to be compelled to show to the external users primarily the company used the worksheet and also the background to assist them prepare their monetary statement and what you see on front of you is a worksheet using stand out essentially this can be 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 decision this the ten column worksheet why convey column you're gonna see we've got ten column it is a ten column worksheet and bear in mind we said it is a 5 step process and it we're gonna check up on why it's referred to as five step step one prepare an endeavor balance on the worksheet this can be the 1st step so this is often the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you've got another two columns for the adjustments 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 final balance this can be step three step four in extend adjustment balances that the acceptable statement columns so as an example the incomes beneath the operating statement column you've got a debit and a credit and all the related debit balances goes to the operating statement column like like expenses within 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 balance sheet plus dividend all the record account plus dividend merely place everything that doesn't persist the statement goes beneath the record you are gonna say well dividend didn't you tell us it is not a record account it is not a record account but for the purpose of the worksheet it's gonna go beneath the record comma okay and we're gonna see however it works as a result of beneath the earnings report we're gonna be able to cipher net profit or internet loss we'll see this in a very moment so this is let's cross-check an actual trial balance this is often a shot balance and this can be we're beginning with those figures and in the planet this is what would happen within the world if you're employed in a controller firm the business that you are working for will provide you with simply an attempt balance and it will be unadjusted because all what they did is that they kept track of older

you complete the total thing now when you have your adjusted trial balance you're prepared now to finish your earnings report and balance sheet columns thus clearly what goes on to the income statement column the the financial statement accounts what square measure the statement account revenues and expenses so revenues and expenses goes below the statement let me highlight them so you have revenues and expenses use caution though there is called for thereforeme assets and liabilities here that's why I highlighted revenues and expenses it shouldn't be like this expenses ought to be all the manner at the lowest but that is okay so all the revenues and expenses area unit transferred to the revenues and expenses column okay thus notice those square measure the revenues and expenses revenues and expenses the revenues and expenses at this point we have a tendency to add up the overall debits and total credits on the revenues and expenses therefore let's plow ahead and do thus that the total credit and additionally the total debit they do not capable each other we have a tendency toll we have a tendency toll because our revenues is not capable our expenses if that is the case then we do not have a profit and that we don't have a loss here we've got a lot of credits than debits and more credits means that we've more revenues than expenses it means that we've a profits therefore notice this variety here 2860 is net we place profit underneath the debit column of the earnings report as a result of once we add the debit plus net income the debit column and internet income it ought to equal to our revenue as a result of the expenses and the profit adequate the revenue as a result of revenues minus expenses up to profit okay therefore revenues minus expenses adequate profit well or we can say revenue up to revenue equal up to expenses and profit therefore he gets this is often were language revenue equal to expenses and profit okay therefore so we've ten thousand 600 now also you transfer all the record account which are which square measure assets liabilities and dividend that is here you're oral communication dividend isn't a balance sheet account affirmative it's not a balance sheet account but for the aim of the worksheet you may transfer that account to the balance sheet column okay so all the assets money provides paid so on and then forth are transferred to the balance sheet currently under the balance sheet also when you add up the debits and the credits they will not up to one another however what you are doing if you have got a profit you may take net income and you transfer profits to the credit column of the of the worksheet and why the credit column because if it's a income it's gonna increase your equity the equity is are listed under the credit column therefore once you do so then you add up the debit column and the credit column and that they would adequate to each other currently if it's if it's a loss if it's a loss if it's a loss the loss will go below the debit column of the worksheet and

the credit column of the operating statement therefore if we have a tendency to had the loss if the company had a loss and what does a loss mean loss means you have got additional expenses than revenues if he had a loss a loss goes below the debit column here i am thusrry underneath the credit column underneath the statement and it goes underneath the debit column of the worksheet this fashion the worksheet would then balance inside balance this is primarily a completed worksheet net profit on the worksheet a income is shown on the worksheet where profit-and-loss statement debit column yes balance sheet debit column no not the balance sheet debit column no if it's a web loss if it's a internet loss it will show on the record debit column earnings report credit column no this can be if we have a net loss operating statement debit column yes in record credit column conjointly yes so check that to browse all your answers before you answer a matter okay thus that is where cyberspace income goes and this can be what it's showing here notice here it shows underneath here and here says what we're locution income statement half the statement is prepared from the profit-and-loss statement column obviously the record and preserved earnings statements square measure prepared from the record column obviously and this can be the income statement the name of the corporate the name of the statement and therefore the date remember the date is for a period of your time for the earnings report revenues minus expenses gives U.S.A. that income and this is often a review we went over this retained earnings remember the day is for a period of your time similar to the financial statement starting retained earnings plus lucre minus dividend offers you ending retained earnings in income coming from the financial statement on the balance sheet remember the record is a point in time which is one one date we've assets listed then liabilities with United States of America them total them then underneath equity we have common stock and retained earnings total them liabilities plus equity ought to be adequate the assets this is often what the record is let's take a glance at this exercise real fast to envision how it works so Susan is

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