What is something new you learned in the chapter


Problem

• Can a business earn a gross profit but incur a net loss? Explain.

• Name three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.

• What is something new you learned in this chapter or what is something that you are finding confusing from the chapter? Explain.

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Accounting Basics: What is something new you learned in the chapter
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