For preparing the adjusting entries, the following data were assembled:

	Fees earned but unbilled on June 30 were $9,950.
	Supplies on hand on June 30 were $4,810.
	Depreciation of equipment was estimated to be $6,130 for the year.
	The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $15,250 of the services were provided.
	Unpaid wages accrued on June 30 were $5,100.

	Required:
1.	Journalize the adjusting entries necessary on June 30, 20Y4. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
2.	Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries.
3.	Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries.
4.	Determine the effect of the adjusting entries on Nancy Townes, Capital.

Milbank Repairs \& Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: CHART OF ACCOUNTS Milbank Repairs \& Service General Ledger ASSETSCash12AccountsReceivableSuppliesEquipmentEquipmentLIABILITIES15AccountsPayableWagesPayableUnearnedFeesREVENUE41FeesEarnedEXPENSES51WagesExpense52RentExpense53SuppliesExpense54DepreciationExpense56UtilitiesExpense59Miscellaneous EQUITY 31 Nancy Townes, Capital 32 Nancy Townes, Drawing 33 Dividends journals will automatically indent a credit entry when a credit amount is entered