Financial Statements and Closing Entries Study Material

Financial Statements andClosing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 20Y9, the end of thefiscal 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 Account TitleAdjustedTrial BalanceDr.Adjusted Trial Balance Cr. Cash12,790 Accounts Receivable27,840 Supplies4,350 Prepaid Insurance9,400 Land99,000 Buildings356,000 Accumulated Depreciation-Buildings115,900 Equipment257,000 Accumulated Depreciation-Equipment150,900 Accounts Payable32,930 Salaries Payable3,260 Unearned Rent1,480 Common Stock148,000 Retained Earnings274,870 Dividends24,700 Service Fees469,580 Rent Revenue4,960 Salaries Expense336,650 Depreciation Expense-Equipment18,300 Rent Expense15,300 Supplies Expense10,830 Utilities Expense9,790 Depreciation Expense-Buildings6,530 Repairs Expense5,390 Insurance Expense2,960