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:
Market Demand
The aggregate amount of a product or service that every consumer in a market is prepared and capable of buying at different price levels.
Long-Run Equilibrium
A state in which market supply equals market demand and all firms in a perfectly competitive market earn zero economic profits.
Elastic Demand
A situation in which demand for a product or service is sensitive to price changes, meaning a small change in price can lead to a significant change in quantity demanded.
Revenue Generation
The process of creating income for a business or organization through various means such as sales, services, or investments.
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