Please explain in detail both solutions CyCJ LICULUI LUUL UL SUUS...
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CyCJ LICULUI LUUL UL SUUS The ending inventory of Larkin Company, which uses a periodic inventory system, was understated $7,000 on December 31, 2007, and overstated $3,000 on December 31, 2008. Because of these errors, 2008 net income was overstated $3,000. overstated $10,000. understated $4,000. understated $10,000. Anne Company has total cash register receipts of $13,230. This total includes a 5% sales tax. The entry to record the receipts will include a a. debit to Sales Tax Expense for $630. b. credit to Sales for $13,230. c. credit to Sales Taxes Payable for $662. d. credit to Sales Taxes Payable for $630
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