2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Revenues $ 503 Expenses 280 Net income $ 223 3. Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries. Revenues $ 530 Expenses 307 Net income $ 223 4. Determine the effect of the adjusting entries on Nancy Townes, Capital. Nancy Townes, Capital decreases by $ 223