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 Credit Balances Balances Cash Accounts Receivable Supplies Equipment 13,850 91,970 22,160 524,720 Accounts Payable 21,610 Unearned Fees 24,380 Nancy Townes, Capital 379,000 Nancy Townes, Drawing 18,280 Fees Earned 554,040. Wages Expense 128,540 Rent Expense 98,070 Utilities Expense 70,360 Utilities Expense Miscellaneous Expense 70,360 11,080 979,030 979,030 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $10,030. . Supplies on hand on June 30 were $8,190. . Depreciation of equipment was estimated to be $13,850 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $19,260 of the services was provided. Unpaid wages accrued on June 30 were $1,770. Required: 1. Journalize the adjusting entries necessary on June 30, 2019. a. d. Revenues 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Expenses 0.00. 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 $