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Adjusting Entries Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Credit Balances Balances Cash 12,330 Accounts Receivable 81,840 Supplies 19,720 Equipment 474,650 Accounts Payable 19,230 Unearned Fees 21,690 345,000 16,270 Nancy Townes, Capital Nancy Townes, Drawing Fees Eamed Wages Expense Rent Expense Utilities Expense 493,000 114,380 87,260 62,610 Miscellaneous Expense 9,860 878,920 878,920 For preparing the adjusting entries, the following data were assembled: Fees eamed but unbilled on June 30 were $8,930. Supplies on hand on June 30 were $7,290. Depreciation of equipment was estimated to be $12,330 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $17,140 of the services was provided Unpaid wages accrued on June 30 were $1,580. Required: 1. Joumalize the adjusting entries necessary on June 30, 2019. MALA I 10 1 1 0 0 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Revenues Expenses 101 Net income 3. Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries. Revenues Expenses Net income 4. Determine the effect of the adjusting entries on Nancy Townes, Capital. Nancy Townes, Capital by

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