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: Account Title Cash The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9 Adjusted Adjusted Trial Balance Trial Balance Accounts Receivable Supplies Prepaid Insurance Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Nicole Gorman, Capital Nicole Gorman, Drawing Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense Required: 1. Prepare an income statement. Dr. 11,640 25,340 3,960 8,550 90,000 324,000 234,000 22,500 306,460 16,600 13,900 9,860 8,910 5,940 4,910 2,690 4,590 1,093,850 Cr. 105,500 137,400 29,980 2,970 1,350 384,660 427,480 4,510 1,093,850 The Gorman Group Income Statement OKO

does not require an entry, leave it blank. If a Net loss is incurred or Nicole Gorman, Drawing were paid, enter that amount as a negabive number using a minus sign. 2. Journalize the entries that were required to close the accounts at October 31 . If an amount box does nok require an entry, leave it blank 3. If the balance of Nicole Gorman, Capital had instead uncreaseu Financial statemenks and closing entries year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of weich follows Total current assets Prooerty, plant, and equipment: Total assets Liabilities Current liabilities: Total Rabilities Owner's Equity Total liabilities and owner's equity 2. Journalize the entries that were required to close the accounts at October 31. If an amount box does not require an entry, leave il