Section 3: [10 marks] Are the following statements True or False \begin{tabular}{|l|l|} \hline 1 & Retailers and wholesalers are both considered merchandisers \\ \hline 2 & \begin{tabular}{l} In a worksheet, Cost of Goods Sold will be shown in the Trial Balance [dr], Adjusted \\ Trial Balance [dr], \& Income Statement [dr] columns. \end{tabular} \\ \hline 3 & \begin{tabular}{l} The terms 2/10,n/30 state that a 2% discount is available if the invoice is paid within \\ the first 10 days of the next month. \end{tabular} \\ \hline 4 & \begin{tabular}{l} The revenue recognition principle applies to merchandisers by recognizing sales \\ revenues when the performance obligation is satisfied. \end{tabular} \\ \hline 5 & \begin{tabular}{l} If net sales are aed 800,000 , and cost of goods sold is aed 600,000, the gross profit \\ rate is 25% \end{tabular} \\ \hline \end{tabular}