In its annual report, Hewlett-Packard Company states, "We are a leading global provider of products, technologies, solutions and services to consumers and businesses. Our offerings span information technology (‘IT') infrastructure, personal computing and other access devices, global services and imaging and printing. Our products and services are available worldwide." 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) Debit Credit Cash Short-term investments Accounts receivable Invento Other current assets S 14.200 400 11.900 6,000 8,500 13.300 ant, and equi Accumulated de Other assets Short-term note payable Accounts payable Accrued liabilities Deferred revenue Income tax Long-term debt Other liabilities Contributed capital Retained earnin Product revenue Service revenue Interest revenue Cost of products Cost of services Interest expense Research and Selling Other expenses Loss on investments Income tax expense ation S 6,800 27.200 1.000 9.300 11.000 3.700 1,600 6.500 3,800 24.600 0,700 58,900 13.,700 500 43.700 0,000 200 3.700 11.000 1.600 100 300 ment expense and administrative expense Total $152.100 $152,100