Financial Statements and Closing Entries

The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 20Y9, 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

Account Title	Adjusted Trial Balance Dr.	Adjusted Trial Balance Cr.
Cash	17,900
Accounts Receivable	38,980
Supplies	6,090
Prepaid Insurance	13,150
Land	138,000
Buildings	498,000
Accumulated Depreciation-Buildings		162,200
Equipment	360,000
Accumulated Depreciation-Equipment		211,300
Accounts Payable		46,100
Salaries Payable		4,570
Unearned Rent		2,070
Common Stock		207,000
Retained Earnings		384,180
Dividends	34,600
Service Fees		657,420
Rent Revenue		6,940
Salaries Expense	471,310
Depreciation Expense-Equipment	25,600
Rent Expense	21,400
Supplies Expense	15,160
Utilities Expense	13,700
Depreciation Expense-Buildings	9,140
Repairs Expense	7,550
Insurance Expense	4,140
Miscellaneous Expense	7,060
Total	1,681,780	1,681,780

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

Date	Account	Debit	Credit
20Y9 Oct. 31	Insurance expenseMiscellaneous expenseRetained earningsService feesUtilities expense	fill in the blank 82	fill in the blank 83
	CashInsurance expensePrepaid insuranceRent revenueRepairs expense	fill in the blank 85	fill in the blank 86
	Accounts receivableCashDividendsSalaries expenseSalaries payable	fill in the blank 88	fill in the blank 89
	Accumulated depreciation-equipmentDepreciation expense-equipmentEquipmentLandService fees	fill in the blank 91	fill in the blank 92
	Accounts receivableRent expenseRent revenueRetained earningsUnearned rent	fill in the blank 94	fill in the blank 95
	CashDividendsService feesSuppliesSupplies expense	fill in the blank 97	fill in the blank 98
	BuildingsDividendsRent revenueRetained earningsUtilities expense	fill in the blank 100	fill in the blank 101
	Accounts receivableAccumulated depreciation-equipmentBuildingsDepreciation expense-buildingsLand	fill in the blank 103	fill in the blank 104
	Accounts payableEquipmentLandPrepaid insuranceRepairs expense	fill in the blank 106	fill in the blank 107
	Accounts receivableCashInsurance expensePrepaid insuranceRetained earnings	fill in the blank 109	fill in the blank 110
	Accounts receivableCashEquipmentMiscellaneous expenseSalaries payable	fill in the blank 112	fill in the blank 113
	CashRetained earningsService feesUnearned rentWages Payable	fill in the blank 115	fill in the blank 116
20Y9 Oct. 31	Accounts payableDividendsRent revenueRetained earningsService fees	fill in the blank 118	fill in the blank 119
	Accounts receivableCashDividendsRetained earningsSupplies expense	fill in the blank 121	fill in the blank 122

3. If the balance of Retained earnings had instead increased $48,400 after the closing entries were posted, and the dividends remained the same, what would have been the amount of Net income or Net loss? Enter all amounts as positive numbers. fill in the blank 1 of 2$ fill in the blank 2 of 2

Net IncomeNet Loss

ASAP PLEASE