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Milbank repairs and services an electrics repair store, prepared the following unadjusted trial balance at the end of its first year of operation. prepare the adjusting entries the following data were assembled. journalize the adjusting entries nessary on June 30, 2019. 2.Determine the revenue, expense, and net income of the repair shop before the adjusting entries. 3. determine the revenue, expense and net income of the shop after the adjusting entries. 4. determine the effect of the adjusting entries on nancy townes, capital.

Online tex eBook Calculator Adjusting Entries Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operatio Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Balances Balance Cash 13,010 86,410 Accounts Receivable Supplies 20,820 499,890 Equipment Accounts Payable Unearned Fees 20,300 22,900 363,000 Nancy Townes, Capital Nancy Townes, Drawing 17,180 Fees Earned 520,520 Wages Expense 120.760 Rent Expense 92,130 Utilities Expense 66,110 10.410 Miscellanen Freso SKILCRAFT 17 00 112 eBook Calculator 499,890 Equipment Accounts Payable Unearned Fees Nancy Townes, Capital Nancy Townes, Drawing Fees Eamed 20,300 22,900 363,000 17,180 520,520 Wages Expense Rent Expense 120,760 Utilities Expense Miscellaneous Expense S 926,720 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $9.420. Supplies on hand on June 30 were $7,690. Depreciation of equipment was estimated to be $13,010 for the year. The balance in uneared fees represented the June 1 receipt in advance for services to be provided. During June $18,000 of the services was provided Unpaid wages accrued on June 30 were $1,670. Required: 1. Journalize the adjusting entries necessary on June 30, 2019 A shle . SKILCRAFT 12 backspot signment takeAssignment Main dorinvoke assignments take n mentSession Locator assignment-tak 210mine te.. X -AG Search eBook Calculator Equipment Accounts Payable 499, 890 Unearned Fees Nancy Townes, Capital Nancy Townes, Drawing Fees Earned 20,300 22,900 363,000 17,180 Wages Expense 520,520 120,760 Rent Expense 92,130 Utilies Expense 66,110 Miscellaneous Expense 10.410 926,720 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $9.420. Supplies on hand on June 30 were $7,690. Depreciation of equipment was estimated to be $13,010 for the year. . The balance in unearned fees represented the June receipt in advance for services to be provided. During June $18,000 of the services was pros Unpaid wages accrued on June 30 were $1,670. Required: 1. Journalize the adjusting entries necessary on June 30, 2019 A Demo SKILCRAFT 0 0 0 90 boi UJJ), UNE (accrued liabilities), and accrued revenues (accrued assets) plus the adjustment for depreciation expense Venue 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 by $ SKILCRAFT

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