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
	Adjusted Trial Balance
Account Title	Dr.	Cr.
Cash	$15,080
Accounts Receivable	32,830
Supplies	5,130
Prepaid Insurance	11,080
Land	117,000
Buildings	420,000
Accumulated Depreciation-Buildings		136,700
Equipment	303,000
Accumulated Depreciation-Equipment		178,000
Accounts Payable		38,830
Salaries Payable		3,850
Unearned Rent		1,740
Common Stock		175,000
Retained Earnings		323,890
Dividends	29,100
Service Fees		553,780
Rent Revenue		5,850
Salaries Expense	397,010
Depreciation Expense-Equipment	21,500
Rent Expense	18,100
Supplies Expense	12,770
Utilities Expense	11,540
Depreciation Expense-Buildings	7,700
Repairs Expense	6,360
Insurance Expense	3,490
Miscellaneous Expense	5,950
	1,417,640	1,417,640