Question
Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31,
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: The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Trial Balance. Account Title Dr. Cr. Cash $12,290 Accounts Receivable 26,750 Supplies 4,180 Prepaid Insurance 9,030 Land 95,000 Buildings 342,000 Accumulated Depreciation-Buildings 111,400 Equipment 247,000 Accumulated Depreciation-Equipment 145,000 Accounts Payable 31,640 Salaries Payable 3,140 Unearned Rent Common Stock: Retained Earnings Dividends 23,700 1,420 142,000 264,100 Show All
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