Discussion:

The activities of a service business differ from those of a retail business. These differences are reflected in the operating cycles of a service and retail business as well as in their financial statements.

Original Post:

Make your original post by Wednesday $11$:$59$ p$.$m$.$

Answer the foliawing questions and support your responses with detail.

What distinguishes a retail business from a servike 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$)\frac{1}{15},\frac{n}{60}$; $($b$)\frac{n}{30}$; $($c$)$ n$/$eom$?$

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 nomally appear in the chart of accounts of a retail business but would not appear in the chart of accounts of a service business.