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1. What distinguishes a retail business from a service business? 2. Can a business earn a gross profit but incur a net loss? 3. What

1. What distinguishes a retail business from a service business?
2. Can a business earn a gross profit but incur a net loss?
3. What is the nature of (a) a credit memo issued by the seller of merchandis, (b) a debit memo issued by the buyer of merchandise?

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