2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if an amount box does not require an entry, leave it blank.

Date	Account	Debit	Credit
Oct. 31	Service Fees
	Rent Revenue
	Salaries Expense
	Depreciation ExpenseEquipment
	Rent Expense
	Supplies Expense
	Utilities Expense
	Depreciation ExpenseBuildings
	Repairs Expense
	Insurance Expense
	Miscellaneous Expense
	Nicole Gorman, Capital
Oct. 31	Nicole Gorman, Capital
	Nicole Gorman, Drawing

3. If the balance of Nicole Gorman, Capital had instead increased $115,000 after the closing entries were posted and the withdrawals remained the same, what would have been the amount of net income or net loss?