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

question 46

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).
- $\begin{array} { | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\\hline \text { Purchase discounts } & & & \\\hline\end{array}$

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Definitions:

Credit Rating

An assessment of the creditworthiness of a borrower in general terms or with respect to a particular debt or financial obligation.

Police Record

An official record held by police forces detailing an individual's criminal history, if any.

Résumé

A document summarizing an individual's work experience, education, skills, and accomplishments, used for job applications.