Adjusting Enteries

Ating entries Chart of Accounts Journal Final Questions Instructions Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Mitbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2014 ACCOUNT TITLE OCHT CREDIT 1 Cash 10,350.00 2 Accounts Receivable Supplies Equipment Accounts Payable 67.500.00 16200.00 166,100.00 Unealed Fees 15,750,00 18,000.00 171,500.00 Nancy Townes Capital Nancy owes Drawing 13,500.00 as med 29475000 Wages Expense 91.500.00 12,000.00 Rent Expense Oddities Expense 550.00 AGUS ung entries Chart of Accounts Journal Final Questions Instructions Rent Expense 12 Utilities Expense 3 Miscellaneous Expense 72,000.00 51,750,00 8,100.00 500,000.00 14 Totals 500,000.00 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were 37,380 Supplies on hand on June 30 were $2,775 Depreciation of equipment was estimated to be $11,000 for the year, The balance in unearned fees represented the June receipt in advance for services to be provided. During June. 518,500 of the services were provided Unpaid wages accrued on June 30 were $3.880 Required: 1. Journalize the adjusting entries necessary on June 30, 2014 Refer to the chart of accounts for the exact wording of the account titles CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries CNOW journals wil automatically indent a credit entry when a credit amount is entered 2. Determine the revenues expenses, and net income of bank Repairs & Service before the adjusting entries 3. Determine the revenues expenses and net income of Ambank Repairs & Service after the adjusting entries 4 Determine the effect of the adjusting entries on Nancy Townes Capital Instructions Journal Final Questions Chart of Accounts CHART OF ACCOUNTS Milbank Repairs & Service General Ledger ASSETS REVENUE 41 Fees Earned 11 Cash 12 Accounts Receivable 13 Supplies 14 Equipment 15 Accumulated Depreciation-Equipment EXPENSES LIABILITIES 21 Accounts Payable 22 Wages Payable 23 Unearned Fees 51 Wages Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 56 Utilities Expense 59 Miscellaneous Expense EQUITY 31 Nancy Townes, Capital 32 Nancy Townes, Drawing 33 Dividends com/len/takeAssignment/takeAssignment Main.doFinvoker=&takeAssignmentSessionLocator Brinprogress=false @ Back Chat Acco Journal Final Questions male teadusting bersary on June 30, 2014. Refer to the counts for the exact wording of the courtes CNOWjumas do not use lines for you plations wery ine on apunaleder CNOW automatically intenta di entry where amounted JOU ACCOUNTION DOPTION 20 DOT Dhed Work Prev All work saved Sting 8 O a A4 2/10