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

question 6

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:

Act Of God

A legal term referring to a natural event outside of human control, such as a flood, earthquake, or hurricane, for which no person can be held responsible.

Lightning Strike

A discharge of electricity from a cloud to the ground, another cloud, or an object, occurring during a thunderstorm and resulting in a bright flash of light accompanied by thunder.

Locked Locker

A secured storage space, typically in schools, gyms, or public places, intended to keep personal belongings safe.

Strict Liability

A legal doctrine that holds an individual or entity responsible for their actions or products without the need to prove negligence or fault.