please answer all questions one by one coreectly and academically as a ACCT 1 College...
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Accounting
please answer all questions one by one coreectly and academically as a ACCT College student:
Answer the following questions and support your responses with detail.
What distinguishes a retail business from a service business?
Can a business earn a gross profit but incur a net loss? Explain.
The credit period during which the buyer of merchandise is allowed to pay usually begins with what date?
What is the meaning of a n; b n; c neom
How are sales to customers using MasterCard and VISA recorded?
Who is responsible for freight when the terms of sale are a FOB shipping point, b FOB destination?
Name three accounts that would normally appear in the chart of accounts of a retail business but would not appear in the chart of accounts of a service business.
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