Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2009, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: Account Title Cash The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9 Adjusted Trial Balance Dr. $12,850 Cr. Accounts Receivable Supplies 27,970 4,370 Prepaid Insurance 9,440 Land 99,000 Buildings 358,000 Accumulated Depreciation-Buildings 116,400 Equipment 258,000 Accumulated Depreciation-Equipment 151,600 Accounts Payable 33,080 Salaries Payable 3,280 Unearned Rent Common Stock Retained Earnings Dividends Service Fees 1,490 149,000 275,580 24,800 471,740 Rent Revenue 4,980 Salaries Expense 338,190 Depreciation Expense-Equipment 18,400 Rent Expense 15,400 Supplies Expense 10,880 Utilities Expense 9,830