Adjusting Entries Mibank Repairs & Service, an electronics repale 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 Credit Balances Balances Cash 13,970 Accounts Receivable 92,760 Supplies 22,350 Equipment 524,950 Accounts Payable 21,790 Unearned Fees 24,590 Nancy Townes, Capital 378,000 Nancy Townes, Drawing 18,440 Fees Earned 558,290 Wages Expense 129,640 Rent Expense 98,910 Utilities Expense 70.970 Miscellaneous Expense 11,180 983,170 983,170 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $10,110. Supplies on hand on June 30 were $8,260. Depreciation of equipment was estimated to be $13,970 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $19,430 of the services were provided Unpaid wages accrued on June 30 were $1,790 Required: 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 30 30 II II II II II 30 30 Il 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 $