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the credit column of the statement so 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 a lot of expenses than revenues if he had a loss a loss goes underneath the debit column here i am sorry under the credit column under the operating statement and it goes under the debit column of the worksheet this fashion the worksheet would then balance at intervals balance this is essentially a completed worksheet profit on the worksheet a lucre is shown on the worksheet wherever profit-and-loss statement debit column yes record debit column no not the record debit column no if it could be a internet loss if it's a web loss it will show on the balance sheet debit column statement credit column no this is if we've got a net loss operating statement debit column affirmative in record credit column conjointly affirmative thus confirm to browse all of your answers before you answer a matter okay so that is where cyber we have a tendency tob income goes and this is what it's showing here notice here it shows beneath here and here says what we're saying profit-and-loss statement part the income statement is ready from the income statement column obviously the record and retained earnings statements are prepared from the record column obviously and this can be the profit-and-loss statement the name of the corporate the name of the statement and the date keep in mind the date is for a period of your time for the profit-and-loss statement revenues minus expenses gives United States that income and this is a review we went over this preserved earnings remember the day is for a amount of time a bit like the income statement starting preserved earnings plus net profit minus dividend offers you ending preserved earnings in income coming from the income statement on the balance sheet keep in mind the balance sheet is a point in time which is one one date we've assets listed then liabilities with North American country them total them then below equity we've got stock and maintained earnings total them liabilities plus equity ought to be up to the assets this is often what the balance sheet is let's take a glance at this exercise real quick to envision however it works so Susan is

balances and they offer you this worksheet then you've got to complete the adjustments completely I just adjusted trial balance prepare the financial statements from the income statement and so the record column associate degreed this is often what you're giving associated hopefully if you ar following my course ANd if you are looking at this course you ought to know wherever these balances square measure coming back from those are the balances that we have a 10dency to computed in previous lecture thus those square measure the unadjusted balance --is then from the unadjusted trial balance is additionally if you remember from the prior session we have a tendency to prepare the adjustments are you speech communication why do not we tend to check these changes we have a tendency to prepare of these adjustments go back to the course and consider those adjustments if you're interested thus adjusted supplies paid we tend to book depreciation we tend to adjust associate degree unearned revenue we we tend to accrued revenues we accumulated expenses those are the adjustments then after we have the changes what we do is we we Associate in Nursingd place the changes all on this worksheet for example adjustment a supplies used we tend to credit supplies we have a tendency to credit supplies underneath the mastercard and now we have a tendency to're operating beneath the adjustment column we're operating under the adjustment column we credit the supplies and that we debited supplies expense this is often the for supplies for B it's insurance terminated we tend to credited postpaid insurance and that we have a tendency to debited insurance expense that's the adjustment adjustment C it's for depreciation expense we tend to debited depreciation expense and we credited accumulated depreciation group action D service revenue recognized we debited a we tend to attributable an we attributable service revenue and we debited honorary revenue therefore on and thus forth thus those are the adjustments that we prepared within the previous chapter thus primarily what it's we're inputting all these adjustments and see you'll see all of them on a similar page now when obviously when you prepare your changes you're gonna get to the adjusted balance column the adjusted trial balance column what would you see there you would 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 each debit we need the corresponding credit and under the adjusted balance we want also to possess a balance because it's an adjusted trial balance it should balance currently how do we prepare the adjusted balance we'll take our beginning balances below the trial balance either add or deduct regardless of the state of affairs may be add or compute the changes then get to the adjusted trial balance for example cash there was no adjustments there for cash transfer as 15200 supplies we credited supplies essentially crediting an plus would reduce the acid thus the ending balance is a thousand therefore we started with two thousand five hundred minus fifteen hundred as a result of it's an quality prepaid an equivalent thing we started with 600 minus fifty honorary revenue we started with one thousand 200 minus four hundred because it's it's a liability and that we debited the liability so the ending balance is eight hundred notice accounts owed is constant wasn't adjusted notes collectable was not adjusted they're the same ordinary shares 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 a rise we credited revenue and we attributable revenue again D and E both attributable revenue therefore the ending balances ten thousand six hundred so basically what you do is you are taking the beginning 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 10d tolcome to the session this is often faculty member Farhad during this session we tend to're aiming to verify how to prepare a worksheet so essentially what's a worksheet a worksheet could be a multi column type used in making ready budgets what is the multi column kind primarily it's a type that have multiple columns associate degreed we tend to're getting to see one during action that's progressing to facilitate USA illustrate the point the worksheet isn't part of the permanent accounting record basically it could be a tool which will that we U.S.e to help North American nation prepare our plan a worksheet is also computerized worksheet victimisation electronic programme like excel or thereforeme individuals or some corporations some little businesses they still use an actual worksheet with which actual sheet and a pencil but typically speaking most most firms now even small firms use thereforeme type of an accounting software package it's ready employing a 5-step method 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 so if it's a tool it's facultative so you do not so it's not part that you merely ought to show to the external users essentially the corporate used the worksheet and therefore the background to assist them prepare their money statement and what you see on front of you is a worksheet mistreatment excel basically this can be an excel file and as you can tell there is series of columns then it's to be a lot of specific we call this the ten column worksheet why convey column you're gonna see we've ten column it's a ten column worksheet and remember we aforesaid it is a five step method and it we're gonna check up on why it's referred to as five step the 1st step prepare a trial balance on the worksheet this is often the first 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 changes a debit column and a credit column for the adjustment the system to then actually prepare your adjustments you extend it to the adjusted trial balance or the final balance this is often step 3 step four in extend adjustment balances that the appropriate statement columns so for instance the incomes underneath the profit-and-loss statement column you've got a debit and a credit and all the connected debit balances goes to the operating statement column like such as expenses within 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 plus dividend all the record account and dividend merely put everything that doesn't prolong the operating statement goes beneath the balance sheet you are gonna say well dividend did not you tell us it isn't a balance sheet account it isn't a balance sheet account but for the purpose of the worksheet it's gonna go below the record comma okay and we're gonna see however it works as a result of below the earnings report we're gonna be able to reason earnings or internet loss we'll see this in an exceedingly moment so this can be let's check up on an actual balance this can be an attempt balance and this is often we're beginning with those figures and within the real world this is often what would happen in the real world if you work in a CPA firm the business that you just are operating for will give you simply an attempt balance and it will be unadjusted as a result of all what they did is that they kept track of older

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 full factor currently after you have your adjusted balance you're prepared currently to complete your profit-and-loss statement and record columns so obviously what goes on to the profit-and-loss statement column the the earnings report accounts what ar the financial statement account revenues and expenses thus revenues and expenses goes below the profit-and-loss statement let me highlight them therefore you have got revenues and expenses watch out though there's concerned some assets and liabilities here that is why I highlighted revenues and expenses it mustn't be like this expenses ought to be all the approach at very cheap but that is okay so all the revenues and expenses ar transferred to the revenues and expenses column okay therefore notice those are the revenues and expenses revenues and expenses the revenues and expenses at this point we add up the full debits and total credits on the revenues and expenses therefore let's plow ahead and do therefore so the total credit and therefore the total debit they do not capable one another we tend toll well as a result of our revenues is not up to our expenses if that's the case then we don't have a profit and that we do not have a loss here we have a lot of credits than debits and a lot of credits means we've got additional revenues than expenses it suggests that we've a net therefore notice this variety here 2860 is net profit we place net below the debit column of the profit-and-loss statement as a result of once we add the debit plus lucre the debit column plus net income it ought to equal to our revenue because the expenses and the profit equal to the revenue as a result of revenues minus expenses capable profit okay so revenues minus expenses adequate profit well or we will say revenue adequate to revenue equal capable expenses plus profit thus he gets this can be were voice communication revenue adequate expenses and profit okay thus therefore we have ten thousand 600 now also you transfer all the record account that ar which are assets liabilities and dividend that is here you are oral communication dividend isn't a balance sheet account affirmative it isn't a balance sheet account but for the purpose of the worksheet you may transfer that account to the balance sheet column okay therefore all the assets money provides prepaid thus on and then forth are transferred to the balance sheet now under the balance sheet also once you add up the debits and the credits they're going to not adequate each other but what you are doing if you have got a earnings you'll take cyberspace income and you transfer net profit to the credit column of the of the worksheet and why the credit column as a result of if it is a earnings 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 the credit column and that they would up to each other now if it's if it is a loss if it is a loss if it is a loss the loss will go beneath the debit column of the worksheet and

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