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

question 21

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).
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Definitions:

Ethnic Minority

A group that has different national or cultural traditions from the main population of a country.

Higher Income Families

Households that have a significantly higher level of income compared to the median or average income level within a given society.

Life Satisfaction

A measure of how individuals evaluate the quality of their lives as a whole, based on their own standards and expectations.

Grandparent Caregivers

Grandparents who take on the primary role of caring for their grandchildren, due to various family circumstances.