Adjusting Entries Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year o operations: Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 14,740 Accounts Receivable 97,900 23,590 547,100 23,000 25,950 Supplies Equipment Accounts Payable Unearned Fees Nancy Townes, Capital Nancy Townes, Drawing Fees Earned Wages Expense Rent Expense utilities Expense 392,000 19,460 589,750 136,020 104,390 74,900 74,900 Utilities Expense Miscellaneous Expense 11,800 1,030,700 1,030,700 . For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $10,670. Supplies on hand on June 30 were $8,710. Depreciation of equipment was estimated to be $14,740 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $20,500 of the services was provided. Unpaid wages accrued on June 30 were $1,890. Required: 1. Journalize the adjusting entries necessary on June 30, 2019 b o . d. e. 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries Revenues $ Expenses 1.00 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 s