Identifying Adjusting Entries from Unadjusted Trial Balance In its annual report, Hewlett-Packard Company states, We are a

Identifying Adjusting Entries from Unadjusted Trial Balance
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 public 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-P

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) Debit Credit S 10,200 Cash Short-term investments 100 19.300 Accounts receivable Inventory Other current assets Property, plant, and equipment Accumulated depreciation Other assets Short-term note payable Accounts payable Accrued liabilities Deferred revenue Income tax payable Long-term debt Other liabilities Contributed capital Retained earnings Product revenue 7.900 14,400 18,900 $ 8,100 50,700 10,100 14,100 17,300 6,200 900 7,700 17,000 14,000 17,800 91,700 Service revenue 26,300 Interest revenue Cost of products Cost of services Interest expense Research and development expense Selling, general, and administrative expense Other expenses 400 69,300 20,300 300 3,600 13,100 1,400 Income tax expense 2,100 Total $231,600 $231,600