Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2018, 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, 2018 Adjusted Trial Balance Dr. Cr. $16,050 Accounts Receivable 34,940 Supplies 5,460 Prepaid Insurance 11,790 Land 124,000 Buildings 447,000 Accumulated Depreciation-Buildings 145,500 Equipment 323,000 Accumulated Depreciation-Equipment 189,500 Accounts Payable 41,330 Salaries Payable 4,100 Uneamed Rent Common Stock Retained Earnings Dividends 1,860 186,000 344,860 31,000 Service Fees Rent Revenue Salanes Expense Rent Expense 589,410 6,220 422,550 Depreciation Expense-Equipment 22,900 19,200