325.000T E4-2 LO4-1, 4-4 Required: Prepare in good form an unadjusted trial balance for Jameson Consultants, Inc., at the end of Identifying Adjusting Entries from Unadjusted Trial Balance In a recent annual report, HP Inc. (formerly Hewlett-Packard Company) states. We are com provider of personal computing and other devices, imaging and printing products and related solutions and services." Following is a trial balance listing accounts that Hewlett-Packard uses. that the balances are unadjusted at the end of a recent fiscal year ended October States. "We are a leading global ng products and related technologies, ewlett-Packard uses. Assume HP, INC. Unadjusted Trial Balance (dollars in millions) For the year ended October 31 Cash Credit Debit 8,000 21.400 7.500 14,100 25.500 13.200 66.200 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 Common stock Additional paid-in capital Retained earnings Product revenue Service revenue 8.100 14.800 19.100 7.400 1.000 22,600 17.500 200 7.000 24,700 84.800 42.000 (Continued) Debit Credit 400 Interest revenue Cost of products Cost of services Interest expense Research and development expense Selling, general, and administrative expense Other expenses Income tax expense Total 65.200 32,100 1,000 3,300 13,500 3,100 1,900 262,800 262,800 Source: HP, Inc. quired: 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. Which accounts should be closed at the end of the year? Why? E4-3