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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	Adjusted Trial Balance Dr.	Adjusted Trial Balance Cr.
Cash	11,910
Accounts Receivable	25,920
Supplies	4,050
Prepaid Insurance	8,750
Land	92,000
Buildings	331,000
Accumulated Depreciation-Buildings		107,900
Equipment	239,000
Accumulated Depreciation-Equipment		140,500
Accounts Payable		30,660
Salaries Payable		3,040
Unearned Rent		1,380
Common Stock		137,000
Retained Earnings		255,800
Dividends	23,000
Service Fees		437,200
Rent Revenue		4,620
Salaries Expense	313,430
Depreciation Expense-Equipment	17,000
Rent Expense	14,300
Supplies Expense	10,080
Utilities Expense	9,110
Depreciation Expense-Buildings	6,080
Repairs Expense	5,020
Insurance Expense	2,750
Miscellaneous Expense	4,700
Total	1,118,100	1,118,100

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 $32,200 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.