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

$\backslash$table$[[\backslash$table$[[$Milbank Repairs & Service$],[$Unadjusted Trial Balance$],[$June $30,20$ Y$4]]],[,\backslash$table$[[$Debit$],[$Balances$]],\backslash$table$[[$Credit$],[$Balances$]]],[$Cash$......................,10,350,],[$Accounts Recelvable..................................................................,$67,500,],[$Supplies$.................................................................................,16,200,],[$Equipment$..........................................................................,166,100,],[$Accounts Payable..................................................................,,$15,750],[$Unearned Fees......................................................................,,$18,000],[$Nancy Townes, Capital.............................................................,,$171,500],[$Nancy Townes, Drawing...........................................................,$13,500,],[$Fees Earned.........................................................................,,$294,750],[$Wages Expense.....................................................................,$94,500,],[$Rent Expense...........................................................................,$72,000,],[$Utilities Expense.....................................................................,$51,750,],[$Miscellaneous Expense............................................................,$8,100,],[500,000,500,000]]$

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

Journalize the adjusting entries necessary on June $30,20Y4.$

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

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

Determine the effect of the adjusting entries on Nancy Townes, Capital.