Reconstruction of Adjusting Entries from Unadjusted and Adjusted Trial Balances Following are the… 1 answer below »

Reconstruction of Adjusting Entries from Unadjusted and Adjusted Trial Balances Following are the… 1 answer below »

Reconstruction of Adjusting Entries from Unadjusted and Adjusted

Trial Balances

Following are the unadjusted and adjusted trial balances for Power Corp. on May 31, 2008:

Required

1. Reconstruct the adjusting entries that were made on Power’s books at the end of May.

2. By how much would Power’s net income for May have been overstated or understated

(indicate which) if these adjusting entries had not been recorded?

 

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