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).
-
Definitions:
Q11: FICA taxes are levied only on employees.
Q16: The journal entry to record the estimated
Q33: The entry to close the Income Summary
Q47: Interest due on a $26,000, 11%, 2.5-year
Q75: Calculate gross sales:<br>net sales = $100,000<br>sales returns
Q76: Net sales equal:<br>A) gross sales.<br>B) gross sales
Q86: As the Unearned Rent Revenue is earned:<br>A)
Q93: Jack's Online Service on April 30 has
Q104: The W-3 is filed only for odd
Q116: The calculation of Net Purchases does NOT