PR 4-2B Financial statements and closing entries Obj. 2, 3 ed The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. 1: As of October 31, 2018, the end of the fiscal year, the accountant for The Gorman Group prepared 00 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 6 Account Title 8 Cash 9 Accounts Receivable 10 Supplies 11 Prepaid Insurance 12 Land 13 Buildings 14 Accumulated Depreciation-Buildin 15 Equipment 16 Accumulated Depreciation-Equipment 17 Accounts Payable 18 Salaries Payable 19 Unearned Rent 20 Common Stock 21 Retained Earnings 22 Dividends 23 Service Fees 24 Rent Revenue 25 Salaries Expense 26 Depreciation Expense-Equipment 27 Rent Expense 28 Supplies Expense 29 Utilities Expense 30 Depreciation Expense-Buildings 31 Repairs Expense 32 Insurance Expense 9,500 5,000 250,000 151.700 33,300 3,300 1 25,000 195,000 20,000 468,000 5,000 291,000 17,500 15,500 9,000 8,500 6,600 3,450 3,000 33 Miscellaneous Expense 1,000,000 1,000,000 Instructions 1. Prepare an income statement, a retained earnings statement, and a balance sheet. 2. Journalize the entries that were required to close the accounts at October 31