ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,350.00 2 Accounts Receivable 67,500.00 16,200.00 3 Supplies 4 Equipment s Accounts Payable 166,100.00 15.750.00 6 Unearned Fees 18,000.00 171,500.00 7. Nancy Townes, Capital 3 Nancy Townes, Drawing 13,500.00 9 Fees Eamed 294.750.00 94,500.00 72,000.00 10 Wages Expense 11 Rent Expense 12 Utilities Expense 15 Miscellaneous Expense 51,750.00 8,100.00 14 Totals 500,000.00 500,000.00 For preparing the adjusting entries, the following data were assembled Fees earned but unbilled on June 30 were 57,380 Supplies on hand on June 30 were 52,775 Depreciation of equipment was estimated to be $11,000 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided During June, S16,500 of the services were provided Unpaid wages accrued on June 30 were $3,880. Required: 1. Journalize the adjusting entries necessary on June 30, 2019. Refer to the Chart of Accounts for exact wording of account titles 2. Determine the revenues expenses, and net income of Milbank Repairs & Service before the adjusting entries 3. Determine the revenues, expenses and net income of Mibank Repairs & Service after the adjusting entries 4 Determine the effect of the adjusting entries on Nancy Townes Capital Instructions Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations JOURNAL Score: 106/126 ACCOUNTING EQU DATE DESCRIPTION POSTRE DELLIT CREDIT ASSETS LIABILITIES Adjusting Entries Jun 30 Accounts Receivable 9.440.00 1 9.850.00 13.420.00 10.580.00 Fees Eamed Jun 307 Supplies Experte Supplies Jun 30 Depreciation Expense Accumulated Depreciation Equipment Jun 30 Uneamed Fees 6,200.00 6,200.00 18,490.00 18.490.00 Fees Earned kon 30 Wages Expense Wages Payable 1,700.00 103.230.00 2. Determine the revenues, expenses, and net income of Mibank Repairs & Service before the adjusting entries Before Adjusting Entries Score: 0/12 1 Revenues $500,000.00 2 Expenses 0.00 3. Net income $70,330.00 Points 0/3 3. Determine the revenues expenses, and net income of Milbank Repairs & Service after the adjusting entries. After Adjusting Entries Score: 0/12 1 Revenues $24.720.00 2 Expenses 5 Net income Points 073 Feedback Check My Work 3. Remember that Revenue - Expenses = Net Income (after adjustments) 4. Determine the effect of the adjusting entries on Nancy Townes, Capital The adjusting entries decreases V net income by $2.710.00 X Points 1/2