Adjusting Entries 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, 2019 Debit Credit Balances Balances Cash 12,870 Accounts Receivable 85,440 Supplies 20,590 Equipment 491,370 Accounts Payable 20,070 Unearned Fees 22,650 Nancy Townes, Capital 356,000 Nancy Townes, Drawing 16,990 Fees Earned 514,710 Wages Expense 119,410 Rent Expense 91,100 Utilities Expense 65,370 Miscellaneous Expense 10.290 913,430 913,430 . For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $9,320. Supplies on hand on June 30 were $7,610. Depreciation of equipment was estimated to be $12,870 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $17,890 of the services was provided. Unpaid wages accrued on June 30 were $1,650. Required: 1. Journalize the adjusting entries necessary on June 30, 2019. a. b. C. d. e. 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. Nancy Townes, Capital by $