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balances and that they offer you this worksheet then you have to complete the changes completely I simply changeed balance prepare the money statements from the income statement and therefore the balance sheet column associated this can be what you area unit giving associated hopefully if you area unit following my course and if you're looking at this course you ought to know wherever these balances square measure coming back from those square measure the balances that we computed in prior lecture therefore those square measure the unadjusted trial balance --is then from the unadjusted trial balance is also if you keep in mind from the previous session we have a tendency to prepare the adjustments are you oral communication why don't we have a tendency to re-evaluate these changes we have a tendency to prepare all these adjustments go back to the course and look at those changes if you're interested so adjusted supplies postpaid we book depreciation we adjust an honorary revenue we tend to we have a tendency to accrued revenues we tend to accumulated expenses those are the changes then when we've the adjustments what we do is we tend to we tend to associated place the adjustments all on this worksheet for instance adjustment a supplies used we tend to credit provides we tend to credit supplies below the credit card and now we're working underneath the adjustment column we tend to're working under the adjustment column we have a tendency to credit the supplies and that we have a tendency to debited supplies expense this is often the for provides for B it's insurance invalid we credited postpaid insurance and that 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 we tend to credited accumulated depreciation transaction D service revenue recognized we have a tendency to debited a we have a tendency to attributable an we attributable service revenue and we debited honorary revenue therefore on and therefore forth thus those are the adjustments that we prepared within the prior chapter thus basically what it's we're inputting of these adjustments and spot you'll see all of them on an equivalent page currently after clearly when you prepare your adjustments you are gonna get to the adjusted balance column the adjusted trial balance column what would you see there you'd see be adjusted numbers 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 every debit we need the corresponding credit and beneath the adjusted balance we'd like also to own a balance because it is an adjusted balance it should balance currently however can we prepare the adjusted balance we'll take our beginning balances underneath the trial balance either add or figure whatever the scenario could be add or work out the changes then get to the adjusted balance for example cash there was no adjustments there for money transfer as 15200 supplies we credited provides basically crediting an asset would reduce the acid thus the ending balance is a thousand so we started with two thousand 5 hundred minus fifteen hundred as a result of it is an quality prepaid constant 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 that we debited the liability so the ending balance is eight hundred notice accounts owed is the same was not adjusted notes owed 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 that we credited revenue again D and E each credited revenue therefore the ending balances ten thousand six hundred so basically what you do is you take the start balance if it's an expense and you debit an expense and expense increase that's your ending balance okay and

hello associated welcome to the session this is academic Farhad in this session we're attending to consider how to prepare a worksheet therefore essentially what's a worksheet a worksheet could be a multi column form utilized in making ready financess what is the multi column form essentially it's a kind that have multiple columns ANd we tend to're progressing to see one during action that's progressing to help United States illustrate the purpose the worksheet is not part of the permanent accounting record primarily it's a tool that will that we use to help USA prepare our financial plan a worksheet is also computerised worksheet using electronic program like stand out or thusme people or some companies thusme tiny businesses they still use an actual worksheet with that actual sheet and a pencil however typically speaking most most corporations currently even tiny corporations use some kind of an accounting software package it's ready using a 5-step method and we're gonna see why it's referred to as 5 steps and also the use of a word kit as I told you is a tool and thus if it's a tool it's nonobligatory so you do not so it's not part that you merely got to show to the external users essentially the corporate used the worksheet and the background to help them prepare their money statement and what you see on front of you is a worksheet exploitation excel essentially this is an surpass file and as you'll be ready to tell there is series of columns then it's to be additional specific we call this the ten column worksheet why convey column you square measure gonna see we have ten column it is a ten column worksheet and remember we said it is a 5 step method and it we're gonna consider why it's known as five step the 1st step prepare a trial balance on the worksheet this is step one so this is often the unadjusted worksheet the unadjusted it hasn't no numbers has been adjusted then you have got another 2 columns for the adjustments a debit column and a credit column for the adjustment the system to then actually prepare your adjustments you extend it to the adjusted balance or the ultimate balance this is step 3 step four in extend adjustment balances that the appropriate statement columns so for example the incomes under the income statement column you've got a debit and a credit and every one the connected 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 all the balance sheet and dividend all the balance sheet account and dividend merely place everything that does not maintain the financial statement goes under the record you're gonna say well dividend did not you tell us it isn't a balance sheet account it isn't a record account except for the purpose of the worksheet it's gonna go below the balance sheet comma okay and we're gonna see however it works because under the earnings report we're gonna be able to reason profit or net loss we'll see this in an exceedingly moment so this can be let's explore an actual trial balance this is a trial balance and this is often we're beginning with those figures and within the world this is what would happen within the planet if you work in a CPA firm the business that you simply are working for will give you simply an attempt balance and it'll be unadjusted as a result of all what they did is they unbroken track of older

the credit column of the profit-and-loss statement so 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 a lot of expenses than revenues if he had a loss a loss goes below the debit column here i am sorry beneath the credit column below the operating statement and it goes below the debit column of the worksheet this fashion the worksheet would then balance among balance this can be basically a completed worksheet profit on the worksheet a profit is shown on the worksheet wherever operating statement debit column affirmative record debit column no not the record debit column no if it is a net loss if it is a internet loss it'll show on the balance sheet debit column financial statement credit column no this can be if we've got a web loss statement debit column affirmative in balance sheet credit column also yes so ensure to browse all your answers before you answer a question okay therefore that's wherever internet income goes and this can be what it's showing here notice here it shows underneath here and here says what we're oral communication income statement half the earnings report is prepared from the earnings report column obviously the balance sheet and preserved earnings statements square measure prepared from the record column clearly and this can be the profit-and-loss statement the name of the company the name of the statement and therefore the date keep in mind the date is for a amount of your time for the profit-and-loss statement revenues minus expenses offers U.S.A. that income and this is often a review we went over this maintained earnings keep in mind the day is for a period of your time rather like the profit-and-loss statement beginning preserved earnings plus lucre minus dividend gives you ending retained earnings in income returning from the statement on the record remember the record is a purpose in time that is one one date we have assets listed then liabilities with USA them total them then beneath equity we've got stock and maintained earnings total them liabilities plus equity should be adequate to the assets this can be what the record is let's take a glance at this exercise real quick to ascertain however it works so Susan is

you complete the whole thing now after you have got your adjusted trial balance you square Maineasure prepared now to finish your operating statement and record columns therefore obviously what goes on to the income statement column the the financial statement accounts what are the earnings report account revenues and expenses therefore revenues and expenses goes under the profit-and-loss statement let me highlight them so you have got revenues and expenses take care although there's immersed thusme assets and liabilities here that's why I highlighted revenues and expenses it should not be like this expenses ought to be all the approach at very cheap however that is 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 this time we tend to add up the total debits and total credits on the revenues and expenses thus let's plow ahead and do therefore therefore the total credit and additionally the total debit they do not adequate to each other well well as a result of our revenues isn't up to our expenses if that is the case then we do not have a profit and that we don't have a loss here we have a lot of credits than debits and more credits means we've additional revenues than expenses it means that we've got a net financial gain so notice this number here 2860 is net profit we put net beneath the debit column of the income statement because once we add the debit and earnings the debit column plus information superhighway income it ought to capable our revenue as a result of the expenses and the profit adequate the revenue as a result of revenues minus expenses equal to profit okay therefore revenues minus expenses adequate to profit well or we can say revenue equal to revenue equal adequate expenses plus profit therefore he gets this is were saying revenue up to expenses plus profit okay so thus we have ten thousand six hundred currently also you transfer all the balance sheet account that ar which area unit assets liabilities and dividend that is here you're voice communication dividend is not a record account affirmative it is not a balance sheet account but for the purpose of the worksheet you will transfer that account to the balance sheet column okay thus all the assets cash supplies postpaid so on and so forth are transferred to the balance sheet now beneath the record also once you add up the debits and therefore the credits they're going to not capable each other but what you do if you have a income you'll take world wide web income and you transfer income to the credit column of the of the worksheet and why the credit column as a result of if it's a net income it's gonna increase your equity the equity is are listed underneath the credit column therefore once you do so then you add up the debit column and the credit column and they would up to each other now if it's if it's a loss if it's 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

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