Printable Math Worksheets
Printable Math Worksheets
Printable Math Worksheets is free HD wallpaper. This wallpaper was upload at June 30, 2019 upload by berkah in Worksheet.
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 give you this worksheet then you have got to complete the changes completely I simply changeed balance prepare the money statements from the income statement and the balance sheet column associate degreed this can be what you're giving and hopefully if you area unit following my course associate degreed if you ar looking at this course you ought to apprehend wherever these balances square measure returning from those area unit the balances that we tend to computed in prior lecture so those square measure the unadjusted balance --is then from the unadjusted balance is additionally if you keep in mind from the prior session we have a tendency to prepare the changes are you locution why don't we think again these changes we prepare of these changes return to the course and examine those changes if you are interested thus adjusted supplies prepaid we book depreciation we have a tendency to adjust associate degree honorary revenue we we tend to accumulated revenues we have a tendency to accumulated expenses those are the changes then after we've the changes what we do is we have a tendency to we and place the adjustments all on this worksheet for instance adjustment a supplies used we credit provides we credit provides beneath the credit card and currently we're working beneath the adjustment column we tend to're working beneath the adjustment column we credit the provides and that we tend to debited supplies expense this is often the for provides for B it's insurance terminated we have a tendency to attributable prepaid insurance and we debited insurance expense that is that the adjustment adjustment C it's for depreciation expense we debited depreciation expense and we credited accumulated depreciation dealing D service revenue recognized we tend to debited a we have a tendency to attributable an we credited service revenue and we debited unearned revenue so on and then forth therefore those are the adjustments that we prepared in the prior chapter thus essentially what it is we're inputting of these adjustments and see you'll be able to see all of them on a similar page now when 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 ranges the adjusted number and notice 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 under the adjusted balance we want also to have a balance as a result of it's an adjusted trial balance it should balance now how do we prepare the adjusted trial balance we'll take our beginning balances below the balance either add or deduct whatever the scenario is add or work out the changes then get to the adjusted trial balance for instance money there was no changes there for money transfer as 15200 supplies we credited supplies essentially crediting an plus would reduce the acid therefore the ending balance is a thousand therefore we started with 2 thousand five hundred minus fifteen hundred because it's an plus paid the same issue we started with six hundred minus fifty honorary revenue we started with one thousand 2 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 collectible is an equivalent was not adjusted notes collectible was not adjusted they are the same common stock was not adjusted it is that 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 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 ANd welcome to the session this can be faculty member Farhad during this session we're aiming to examine the way to prepare a worksheet therefore essentially what is a worksheet a worksheet may be a multi column kind used in preparing financess what's the multi column type primarily it's a kind that have multiple columns Associate in Nursingd we're going to see one during action that is aiming to facilitate America illustrate the purpose the worksheet isn't part of the permanent accounting record essentially it could be a tool that will that we Americae to help U.S.A. prepare our financial statement a worksheet is also processed worksheet mistreatment electronic programme such as excel or thereforeme people or some companies thereforeme tiny businesses they still use Associate in Nursing actual worksheet with which actual sheet and a pencil however generally speaking most most corporations currently even tiny corporations use thereforeme kind of an accounting package it's prepared employing a 5-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's a tool it's nonmandatory so you do not so it isn't part that you just got to show to the external users essentially 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 stand out primarily this is an stand out file and as you'll tell there is series of columns then it's to be more specific we decision this the ten column worksheet why thank column you area unit gonna see we have ten column it is a ten column worksheet and remember we same it's a 5 step process and it we're gonna scrutinize why it's known as five step step one prepare a trial 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 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 trial balance or the ultimate balance this is often step 3 step four in extend adjustment balances that the appropriate statement columns so for example the incomes underneath the statement column you've got a debit and a credit and every one the related debit balances goes to the income statement column like like expenses in the revenues that our credit goes to the credit balance and you've 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 simply place everything that does not go on the operating statement goes under the balance sheet you're gonna say well dividend did not you tell us it isn't a record account it isn't a record account except for the purpose of the worksheet it's gonna go under the balance sheet comma okay and we're gonna see however it works as a result of below the operating statement we're gonna be able to reckon lucre or web loss we'll see this in a very moment so this is often let's check up on an actual balance this is an endeavor balance and this is often we're starting with those figures and in the real world this is what would happen in the globe if you're employed in a certified public accountant firm the business that you simply are working for will offer you simply a trial balance and it will be unadjusted because all what they did is that they kept track of older
the credit column of the income statement therefore if we have a tendency to had the loss if the corporate had a loss and what will a loss mean loss means that you have got additional expenses than revenues if he had a loss a loss goes below the debit column here i'm thusrry below 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 can be primarily a completed worksheet profits on the worksheet a income is shown on the worksheet where profit-and-loss statement debit column affirmative record debit column no not the balance sheet debit column no if it may be a web loss if it's a net loss it will show on the balance sheet debit column statement credit column no this is if we've got a web loss profit-and-loss statement debit column yes in balance sheet credit column additionally affirmative so make certain to read all of your answers before you answer a matter okay therefore that is wherever information superhighway income goes and this is often what it's showing here notice here it shows below here and here says what we're locution profit-and-loss statement half the operating statement is ready from the profit-and-loss statement column obviously the record and maintained earnings statements square measure prepared from the balance sheet column clearly and this is the earnings report the name of the corporate the name of the statement and also the date keep in mind the date is for a period of your time for the income statement revenues minus expenses offers America that income and this is a review we went over this preserved earnings remember the day is for a period of your time similar to the statement starting maintained earnings plus earnings minus dividend provides you ending maintained earnings in net income returning from the earnings report on the record keep in mind the record is a purpose in time which is one one date we have assets listed then liabilities with USA them total them then below equity we've stock and preserved earnings total them liabilities plus equity ought to be adequate to the assets this is often what the record is let's take a glance at this exercise real fast to envision however it works so Susan is
you complete the full factor currently when you have your adjusted balance you're prepared currently to complete your profit-and-loss statement and balance sheet columns thus clearly what goes on to the profit-and-loss statement column the the income statement accounts what ar the profit-and-loss statement account revenues and expenses so revenues and expenses goes below the financial statement let me highlight them so you have got revenues and expenses take care although there's needed some assets and liabilities here that's why I highlighted revenues and expenses it mustn't be like this expenses ought to be all the manner at rock bottom but that is okay thus all the revenues and expenses ar 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 now we have a tendency to add up the whole debits and total credits on the revenues and expenses thus let's plow ahead and do thus therefore the total credit and so the total debit they don't adequate to each other well we have a tendency toll because our revenues is not adequate our expenses if that is the case then we do not have a profit and we haven't got a loss here we've more credits than debits and additional credits means we've additional revenues than expenses it suggests that we have a net therefore notice this number here 2860 is profits we place profit under the debit column of the profit-and-loss statement as a result of once we add the debit and net income the debit column plus world wide web income it ought to equal to our revenue as a result of the expenses plus the profit adequate to the revenue as a result of revenues minus expenses capable profit okay so revenues minus expenses adequate profit well or we square measure able to say revenue up to revenue equal adequate to expenses and profit thus he gets this is were spoken communication revenue adequate expenses and profit okay so thus we have ten thousand six hundred now conjointly you transfer all the record account which area unit which are assets liabilities and dividend which is here you are oral communication dividend isn't a balance sheet account affirmative it's not a record account but for the purpose of the worksheet you may transfer that account to the record column okay therefore all the assets cash supplies postpaid therefore on and so forth are transferred to the balance sheet now below the record also once you add up the debits and the credits they're going to not equal to one another but what you do if you have a earnings you'll take the 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's a earnings it's gonna increase your equity the equity is are listed underneath the credit column therefore once you are doing so then you add up the debit column and therefore the credit column and that they would up to one another currently if it's if it's a loss if it's a loss if it's a loss the loss will go under the debit column of the worksheet and
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