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, 2014 Debit Balances Credit Balances Cash 12,320 Accounts Receivable 81,800 19,710 Supplies Equipment 464,600 Accounts Payable 19,220 Unearned Fees 21,680 335,000 Nancy Townes, Capital Nancy Townes, Drawing Fees Eamed 16,260 492,000 114,330 Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 87,230 62,590 9,860 368,700 168,700 568,700 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $8.920, Supplies on hand on June 30 were $7,200 Depreciation of equipment was estimated to be $12,320 for the year The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, 517,130 of the services were provided Unpaid wages accrued on June 30 were $1,580. Required: 1. Journalize the adjusting entries necessary on June 30, 2014. If an amount box does not require an entry leave it blank. Accounts Receivable Fees Earned 2014 June 30 1920 3920 30 Supplies Expense Supplies 30 Depreciation Expense Accumulated Depreciation Equipment 30 Unearned fees Fees Earned 30 Wages Expense Wages Payable 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 increases by