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Question 7 1 pts The following errors were made in 20x3: an understatement of purchases of $500 and an understatement of ending inventory of $500.

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Question 7 1 pts The following errors were made in 20x3: an understatement of purchases of $500 and an understatement of ending inventory of $500. The net effect on the 20x3 ending amount of retained earnings is: $500 understatement No effect; the errors affect income, not retained earnings. O $1,000 understatement O $1,000 overstatement No effect, the errors offset Next Not saved Submit

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