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:

DAX

The Deutsche Aktienindex, a stock market index consisting of the 40 major German companies trading on the Frankfurt Stock Exchange.

German Stock Market

The stock market based in Germany, primarily represented by the Frankfurt Stock Exchange, where securities of German companies are traded.

Index

A statistical measure representing the change in a specified set of data points, often used in finance to track the performance of a group of stocks or bonds.