Question

In its annual report, Hewlett-Packard Company states, “We are a leading global provider of products, technologies, solutions and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors.” Its offerings span personal computing and other access drivers, imaging and printing-related products and services, enterprise information technology infrastructure, and multi-vendor customer services. Following is a trial balance listing accounts that Hewlett-Packard uses. Assume that the balances are unadjusted at the end of a recent fiscal year ended October 31.



Required:
1. Based on the information in the unadjusted trial balance, list types of adjustments on the balance sheet that may need to be adjusted at October 31 and the related income statement account for each (no computations are necessary). You may need to make assumptions.
2. Which accounts should be closed at the end of the year?Why?


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  • CreatedJuly 01, 2014
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