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: The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9 Adjusted Trial Balance Account Title Cash Dr. Cr. $13,700 Accounts Receivable 29,820 Supplies 4,660 Prepaid Insurance 10,070 Land 106,000 Buildings 381,000 Accumulated Depreciation-Buildings 124,100 Equipment 275,000 Accumulated Depreciation-Equipment 161,700 Accounts Payable 35,280 Salaries Payable 3,500 Unearned Rent Common Stock Retained Earnings Dividends 1,580 158,000 294,310 26,500 Service Fees 503,050 Rent Revenue 5,310 Salaries Expense 360,640 Depreciation Expense-Equipment 19,600