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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 Balances		Credit Balances
Cash	13,300
Accounts Receivable	88,310
Supplies	21,280
Equipment	498,930
Accounts Payable			20,750
Unearned Fees			23,410
Nancy Townes, Capital			359,000
Nancy Townes, Drawing	17,560
Fees Earned			532,000
Wages Expense	123,420
Rent Expense	94,160
Utilities Expense	67,560
Miscellaneous Expense	10,640
	935,160		935,160

For preparing the adjusting entries, the following data were assembled:

Required:

• Fees earned but unbilled on June 30 were $9,630.
• Supplies on hand on June 30 were $7,860.
• Depreciation of equipment was estimated to be $13,300 for the year.
• The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $18,490 of the services was provided.
• Unpaid wages accrued on June 30 were $1,700.

1. Journalize the adjusting entries necessary on June 30, 2019.

2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries.

Revenues
Expenses
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 ________________

1. Journalize the adjusting entries necessary on June 30, 2019. 10 b. c. d. e

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