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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

you complete the entire factor currently once you have got your adjusted trial balance you area unit ready now to finish your operating statement and balance sheet columns so obviously what goes on to the income statement column the the operating statement accounts what are the operating statement account revenues and expenses therefore revenues and expenses goes below the statement let me highlight them thus you have revenues and expenses use caution tho' there's necessitated some assets and liabilities here that's why I highlighted revenues and expenses it mustn't be like this expenses should be all the manner at rock bottom however that is okay so all the revenues and expenses square measure transferred to the revenues and expenses column okay so notice those square measure the revenues and expenses revenues and expenses the revenues and expenses at this time we have a 10dency to add up the entire debits and total credits on the revenues and expenses so let's act and do so therefore the total credit and additionally the total debit they don't adequate to one another we tend toll we tend toll because our revenues is not adequate to our expenses if that's the case then we don't have a profit and we haven't got a loss here we have more credits than debits and more credits means we have additional revenues than expenses it suggests that we've a net therefore notice this range here 2860 is lucre we place net income underneath the debit column of the operating statement as a result of once we add the debit and net the debit column and Infobahn income it should adequate our revenue because the expenses and the profit up to the revenue as a result of revenues minus expenses equal to profit okay thus revenues minus expenses adequate profit well or we will say revenue equal to revenue equal capable expenses and profit thus he gets this is often were oral communication revenue up to expenses plus profit okay thus therefore we've got ten thousand 600 now conjointly you transfer all the balance sheet account that area unit which area unit assets liabilities and dividend which is here you're expression dividend is not a record account affirmative it is not a record account but for the purpose of the worksheet you will transfer that account to the record column okay thus all the assets money supplies postpaid thus on and so forth are transferred to the record now under the record also after you add up the debits and also the credits they're going to not up to one another but what you are doing if you have a profit you'll take information superhighway income and you transfer profit to the credit column of the of the worksheet and why the credit column as a result of if it's a net 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 one another currently if it's if it's a loss if it is a loss if it is a loss the loss will go under the debit column of the worksheet and

hello and we 10d tolcome to the session this is academician Farhad in this session we have a tendency to're about to explore the way to prepare a worksheet so basically what's a worksheet a worksheet is a multi column kind utilized in getting ready budgets what's the multi column type primarily it is a form that have multiple columns and we tend to're planning to see one during action that's reaching to facilitate United States illustrate the purpose the worksheet is not part of the permanent accounting record essentially it may be a tool that will that we Americae to assist USA prepare our financial plan a worksheet may be computerized worksheet mistreatment electronic computer programme like excel or some people or thusme corporations thereforeme small businesses they still use an actual worksheet with that actual sheet and a pencil but usually speaking most most corporations currently even tiny corporations use thusme form of an accounting code it's prepared using a five-step method and we're gonna see why it's known as 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 elective so you do not so it is not part that you have to be compelled to show to the external users basically 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 exploitation surpass essentially this is an surpass file and as you can tell there is series of columns then it's to be additional specific we call this the ten column worksheet why thank column you're gonna see we have ten column it is a ten column worksheet and bear in mind we aforesaid it's a five step method and it we're gonna consider why it's referred to as five step step one prepare an endeavor 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 changes a debit column and a credit column for the adjustment the system to then really prepare your adjustments you extend it to the adjusted balance or the ultimate trial balance this is step three step four in extend adjustment balances that the appropriate statement columns so for instance the incomes below the operating statement column you have got a debit and a credit and every one 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 a balance sheet column that has debit column and credit column and every one the record plus dividend all the record account plus dividend simply put everything that does not endure the financial statement goes underneath the balance sheet you are gonna say well dividend did not you tell us it's not a record account it's not a balance sheet account but for the purpose of the worksheet it's gonna go under the record comma okay and we're gonna see however it works because underneath the financial statement we're gonna be able to calculate profits or web loss we'll see this in a very moment so this is let's look at an actual trial balance this can be an attempt balance and this is often we're beginning with those figures and in the world this is often what would happen in the globe if you're employed in a accountant firm the business that you are working for will offer you simply an attempt balance and it'll be unadjusted because all what they did is that they unbroken track of older

the credit column of the profit-and-loss statement therefore if we tend 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 beneath the debit column here i am thusrry underneath the credit column below the profit-and-loss statement and it goes beneath the debit column of the worksheet this manner the worksheet would then balance inside balance this is basically a completed worksheet profits on the worksheet a net profit is shown on the worksheet wherever earnings report debit column affirmative record debit column no not the balance sheet debit column no if it's a net loss if it's a internet loss it will show on the record debit column profit-and-loss statement credit column no this is often if we've got a net loss operating statement debit column yes in balance sheet credit column also yes so confirm to browse all your answers before you answer a question okay therefore that's where net income goes and this can be what it's showing here notice here it shows beneath here and here says what we're spoken language income statement part the earnings report is ready from the financial statement column clearly the record and preserved earnings statements square measure prepared from the record column obviously and this is often the earnings report the name of the company the name of the statement and the date keep in mind the date is for a period of time for the profit-and-loss statement revenues minus expenses gives United States of America that income and this can be a review we went over this maintained earnings remember the day is for a period of your time similar to the profit-and-loss statement starting retained earnings plus earnings minus dividend offers you ending maintained earnings in profits coming back from the income statement on the record keep in mind the balance sheet is a purpose in time that is one one date we've got assets listed then liabilities with US them total them then below equity we've got stock and maintained earnings total them liabilities plus equity should be adequate the assets this is often what the balance sheet is let's take a look at this exercise real quick to ascertain however it works so Susan is

balances and that they offer you this worksheet then you've got to complete the changes fully I simply altered trial balance prepare the money statements from the income statement and also the record column associated this is often what you ar giving and hopefully if you're following my course and if you're looking at this course you ought to know wherever these balances area unit coming from those area unit 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 also if you remember from the previous session we prepare the changes are you locution why don't we have a tendency to re-examine these adjustments we prepare of these changes go back to the course and look at those changes if you're interested therefore adjusted supplies postpaid we book depreciation we have a tendency to adjust an unearned revenue we tend to we increased revenues we tend to increased expenses those are the changes then when we have the changes what we have a tendency to do is we we Associate in Nursingd put the adjustments all on this worksheet for example adjustment a provides used we tend to credit provides we have a tendency to credit supplies beneath the credit card and now we tend to're working beneath the adjustment column we're working under the adjustment column we have a tendency to credit the supplies and that we tend to debited provides expense this can be the for supplies for B it's insurance terminated we tend to credited postpaid insurance and that we debited insurance expense that is the adjustment adjustment C it's for depreciation expense we have a tendency to debited depreciation expense and that we credited accumulated depreciation group action D service revenue recognized we have a tendency to debited a we have a tendency to credited an we attributable service revenue and that we debited honorary revenue thus on and so forth thus those are the changes that we prepared in the prior chapter thus primarily what it's we're inputting all these adjustments and notice you'll see all of them on an equivalent page currently once clearly after you prepare your changes you're gonna get to the adjusted balance column the adjusted balance column what would you see there you'd see be adjusted varietys 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 want also to possess a balance as a result of it is an adjusted balance it should balance currently however can we prepare the adjusted balance we'll take our starting balances beneath the balance either add or cipher whatever the scenario is add or figure the adjustments then get to the adjusted balance as an example money there was no changes there for money transfer as 15200 supplies we attributable provides essentially crediting an quality would scale back the acid so the ending balance is a thousand thus we started with two thousand five hundred minus fifteen hundred because it's an asset postpaid an equivalent 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 payable is a similar was not 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 an increase we attributable revenue and we attributable revenue again D and E both credited revenue therefore the ending balances ten thousand 600 so essentially what you are doing is you take the start balance if it's an expense and you debit an expense and expense increase that is your ending balance okay and

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