please answer all questions one by one coreectly and academically as a ACCT $1$ College student:

Answer the following questions and support your responses with detail.

$1-$ What distinguishes a retail business from a service business?

$2-$ Can a business earn a gross profit but incur a net loss? Explain.

$3-$ The credit period during which the buyer of merchandise is allowed to pay usually begins with what date?

$4-$ What is the meaning of $($a$)1/15,$ n$/60$; $($b$)$ n$/30$; $($c$)$ n$/$eom$?$

$5-$ How are sales to customers using MasterCard and VISA recorded?

$6-$ Who is responsible for freight when the terms of sale are $($a$)$ FOB shipping point, $($b$)$ FOB destination?

$7-$ 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.