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

Question

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

Quizplus · Accepted Answer

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

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