Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, 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, 2019 Adjusted Trial Balance Account Title Cash Accounts Receivable Dr. Cr. 12,730 27,710 4,330 9,350 98,000 354,000 Prepaid Insurance Land Buildings Accumulated Depreciation-Buildings 115,400 Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Nicole Gorman, Capital Nicole Gorman, Drawing Service Fees Rent Revenue 256,000 150,300 32,780 3,250 1,470 420,010 24,600 467,420 4,940 Prepare a balance sheet. Gorman Group Balance Sheet October 31, 2019 sets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Owner's Equity Property, plant, and equipmen: Total property, plant, and equipment Total liabilities and owner's equity Total assets 2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if an amount box does not require an entry, leave it blank Date Account Debit Credit Oct. 31 Oct. 31 3. if the balance of Nicole Gorman, Capital had instead increased $115,000 after the closing entries were posted and the withdrawals remained the same, what would have been the amount of net income or net loss