For Each of the Following, Identify in Column 1 the Balance

question 124

Essay

For each of the following, identify in Column 1 the balance the account will have in the adjusted trial balance columns (debit or credit), in Column 2 the financial statement column(s) in which the account balance will be found (income statement or balance sheet), and in Column 3 the effect the account will have on the determination of net income (increase, decrease, or none).
- $$\begin{array} { | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\\hline \begin{array} { l } \text { Purchase returns } \\\text { and allowances }\end{array} & & & \\\hline\end{array}$$

---

Definitions:

Participative Management

A management style that encourages the involvement and contribution of all employees in decision-making processes.

Equity Norm

The principle that individuals in a group should receive benefits proportional to their contributions.

Organization

An entity comprised of multiple individuals working together in a structured manner towards common goals or objectives.

Rewards

Benefits, both intrinsic and extrinsic, given to individuals or groups for achieving specific goals or performing at a high level.