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 Balances Credit Balances 14,030 93,140 22,440 534,560 Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees Nancy Townes, Capital Nancy Townes, Drawing 21,880 24,690 387,000 18,520 Fees Earned 561,080 Wages Expense Rent Expense 130/170 99,310 71,260 11,220 Utilities Expense Miscellaneous Expense 994,650 994,650 For preparing the adjusting entries, the following data were assembled: 994,650 994,650 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $10,160. Supplies on hand on June 30 were $8,290. Depreciation of equipment was estimated to be $14,030 for the year. . The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $19,510 of the services was provide Unpaid wages accrued on June 30 were $1,800. Required: 1. Journalize the adjusting entries necessary on June 30, 2019. b. 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 $