Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 93

Identifying Adjustments by Scanning a Trial Balance
Coach, Inc. -the maker of handbags and other women's and men's accessories-was previously owned by Sara Lee Corporation until April 2001, when Coach was spun off as a separate company.
Assume the following were reported in Coach's adjusted trial balance and were used to prepare its June 28, 2010, year-end financial statements.

Required:
1. Based on the information in the trial balance, list two pairs of balance sheet and income statement accounts that likely required deferral adjustments as of June 28 (no computations are necessary).
2. Based on the information in the trial balance, list' two pairs of balance sheet and income statement accounts that likely required accrual adjustments as of June 28 (no computations are necessary).