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

question 67

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).
- $\begin{array} { | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\\hline \begin{array} { l } \text { Sales returns and } \\\text { allowances }\end{array} & & & \\\hline\end{array}$

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Definitions:

Ontological

Having to do with the idea of existence or reality.

Design Arguments

Arguments for the existence of God based on the premise that the universe's complexity and functionality suggest it was designed by an intelligent cause.

Leap of Faith

A term used to describe the act of believing in something without empirical evidence or in the absence of proof.

Kierkegaard

A Danish philosopher and theologian of the 19th century, often regarded as the first existentialist philosopher, focusing on personal choice, commitment, and faith.