In its annual report, Hewlett-Packard Company states, We are a leading global provider of products, technologies, solutions

In its annual report, Hewlett-Packard Company states, €œWe 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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HEWLETT-PACKARD COMPANY Unadjusted Trial Balance (dollars in millions) For the year ended October 31 Debit Credit Cash Accounts receivable 8,000 21,400 7,500 14,100 25,500 Other current assets Property, plant, and equipment Accumulated depreciation Other assets Short-term note payable Accounts payable Accrued liabilities Deferred revenue Income tax payable 13,200 66,200 8,100 14,800 19,100 7.400 1,000 22,600 17.500 200 7.000 24,700 84,800 42.000 400 Long-term debt Other liabilities Common stock Additional paid-in capital Retained earnings Product revenue Service revenue Interest revenu Cost of products Cost of services Interest expense 65,200 32,100 1,000 3,300 13,500 3,100 1,900 262,800 Research and development expense Selling, general, and administrative expense Other expenses Income tax expense Total 262,800