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:

Nondelivery

The failure to deliver goods or services as required by a contract or agreement, which may lead to a breach of contract lawsuit.

Incidental Damages

Incidental damages are additional costs incurred by one party due to the failure of another party to fulfill a contract, including efforts to mitigate losses or cover breach-related expenses.

Breach Contracts

Actions or failures to act that violate the terms of a legally binding agreement, leading to legal consequences for the breaching party.

Intent

A person's plan or purpose to carry out a specific action, often regarded as a crucial element in determining the legal ramifications of that action.