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

question 73

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account in which the account balance is reported.
- $\begin{array} { | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\\hline \text { Purchases Returns } & & & \\\text { and Allowances } & & & \\\hline\end{array}$

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Definitions:

Choice-of-Law Clause

A provision in a contract that specifies which jurisdiction's laws will be applied to interpret the contract.

Breach of Contract

The failure of one party to fulfill the terms agreed upon in a contract, justifying legal action for enforcement or damages by the other party.

Contract Disputes

Disagreements that arise over the terms, conditions, or performance of a legally binding agreement between parties.

Federal Court

courts established by the constitution or laws of the United States that have jurisdiction over federal laws, interstate matters, and other specific cases.