1. Journalize the adjusting entries necessary on June 30, 2014. If an amount box does not require an entry, leave it blank 2014 June 30 I I 30 30 30 30 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. Enter the amount as positive numbers. Nancy Townes, Capital by $ Adjust 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, 2014 Debit Balances Credit Balances Cash 12,410 82,390 19,850 467,530 19,360 21,840 337,000 Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees Nancy Townes, Capital Nancy Townes, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 16,380 496,320 115,150 87,850 63,030 9,930 874,520 874,520 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $8,980. Supplies on hand on June 30 were $7,330. Depreciation of equipment was estimated to be $12,410 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $17,250 of the services were provided. Unpaid wages accrued on June 30 were $1,590