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 Cash 12,410 Accounts Receivable 82,420 Supplies 19,860 Equipment 472,590 Accounts Payable 19,360 Unearned Fees 21,850 Nancy Townes, Capital 342,000 Nancy Townes, Drawing 16,380 Fees Earned 496,510 Wages Expense 115,190 Rent Expense 87,880 Utilities Expense 63,060 Miscellaneous Expense 9,930 879,720 879,720 For preparing the adjusting entries, the following data were assembled Required Fees earned but unbilled on June 30 were $8,980 Supplies on hand on June 30 were $7,330 Depreciation of equipment was estimated to be $12,410 for the year The balance in unearned fees represented the June 1 receipt in advance for services to be provided During June $17,260 of the services was provided Unpaid wages accrued on June 30 were $1,590 1 Journalize the adjusting entries necessary on June 30, 2019 a Accounts Receivable Fees Earned b c d e Feedback 1 Keep in mind that you will be making an adjusting entry for each of these that affects at least one income statement account (revenue or expense) and one balance sheet account (asset or liability) As you go through each of these, consider both sides of the transaction that results in an adjusting entry and identify related accounts Remember, four different categories of adjusting entries include prepaid expenses (deferred expenses), unearned revenues (deferred revenues), accrued expenses (accrued liabilities), and accrued revenues (accrued assets) plus the adjustment for depreciation expense 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 $

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Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Milbank Repairs

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
Cash	12,410
Accounts Receivable	82,420
Supplies	19,860
Equipment	472,590
Accounts Payable		19,360
Unearned Fees		21,850
Nancy Townes, Capital		342,000
Nancy Townes, Drawing	16,380
Fees Earned		496,510
Wages Expense	115,190
Rent Expense	87,880
Utilities Expense	63,060
Miscellaneous Expense	9,930
	879,720	879,720

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

Required:

Fees earned but unbilled on June 30 were $8,980.
Supplies on hand on June 30 were $7,330.
Depreciation of equipment was estimated to be $12,410 for the year.
The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $17,260 of the services was provided.
Unpaid wages accrued on June 30 were $1,590.

1. Journalize the adjusting entries necessary on June 30, 2019.

a.	Accounts Receivable
	Fees Earned
b.

c.

d.

e.

Feedback

1. Keep in mind that you will be making an adjusting entry for each of these that affects at least one income statement account (revenue or expense) and one balance sheet account (asset or liability). As you go through each of these, consider both sides of the transaction that results in an adjusting entry and identify related accounts. Remember, four different categories of adjusting entries include prepaid expenses (deferred expenses), unearned revenues (deferred revenues), accrued expenses (accrued liabilities), and accrued revenues (accrued assets) plus the adjustment for depreciation expense.

2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries.