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have to do adjusting entries and complete the instructions. My CourSUs OBJ. 2, 3, 4, 5 Adjusting entries PR 3-3A Milbank Repairs & Service, an

image text in transcribed have to do adjusting entries and complete the instructions.
My CourSUs OBJ. 2, 3, 4, 5 Adjusting entries PR 3-3A 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 Credit Debit Balances Balances 10,350 Cash 67,500 16,200 166,100 Accounts Receivable. Supplies. Equipment.. Accounts Payable Unearned Fees 15,750 18,000 171,500 Nancy Townes, Capital Nancy Townes, Drawing 13,500 294,750 Fees Earned.. 94,500 72,000 I.. Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 51,750 8,100 500,000 500,000 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $7,380. Supplies on hand on June 30 were $2,775 Depreciation of equipment was estimated to be $11,000 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $16,500 of the services were provided. Unpaid wages accrued on June 30 were $3,880. Instructions June 30, 2019. 1. Journalize the adjusting entries necessary on 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. A

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