Question

Debit Cash Other current In a recent annual report, Hewlett-Packard Company states. "We are a leading global provider of products, technologies, software solutions and services to individual consumers, smal and medium-sed businesses ("SMBs") and large enterprises, including customers in the government, health and education sectors is 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 HEWLETT-PACKARD COMPANY Unadjusted Trial Balance (dollars in millions) For the year ended October 31 Credit 8,000 Accounts receivable 21,400 Inventory 7.500 14,100 Property, plant and equipment 25.500 Accumulated depreciation 13,200 Other assets 66.200 Short-term note payable 8,100 Accounts payable 14,800 Accrued Babies 19,100 Deferred revenue 7400 -term debit 22.600 Other abilities Common stock 200 Additional paid-in capita 7 000 Retained earnings 24.700 Product revenue 84,800 Service revenue 42,000 Interest revenue Cost of products 65.200 Cost of services 32.100 Interest expense 1,000 Research and development expense 3,300 Seling, general, and administrative expense 13.500 Other expenses Income tax expense 1.900 Total 2017800 262 800 1.000 income tax payable 17.500 2.100

Answer 1

Accounts that are reported in the income statement are called temporary accounts. Closing entries are made to close the temporary accounts.

.

Answer:

Product revenue

Service revenue

Interest revenue

Cost of products

Cost of services

Interest expense

Research and development expense

Selling and general and administrative expense

Other expenses

Income tax expense

.

Note:

After closing entries being passed, the type of accounts that will remain are permanent accounts (balance sheet accounts)

Cash

inventory

Common stock

Property, plant, and equipment

.