Describe the major differences in preparing the financial statements for a service business and a merchandising business. $\begin{array}{|l|l|l|}
\hline \textbf { Service Business } && \textbf { Merchandising Business } \
\hline \text { Income Statement: } && \text { Income Statement: } \\hline\
\hline \text { Balance Sheet: } &&\text { Balance Sheet: } \
\hline\\hline
\end{array}$

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The Answer of Describe the major differences in preparing the financial statements for a service business and a merchandising business. $\begin{array}{|l|l|l|}
\hline \textbf { Service Business } && \textbf { Merchandising Business } \
\hline \text { Income Statement: } && \text { Income Statement: } \\hline\
\hline \text { Balance Sheet: } &&\text { Balance Sheet: } \
\hline\\hline
\end{array}$

Describe the Major Differences in Preparing the Financial Statements for a Service