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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: table
Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: tabletableMilbank Repairs & ServiceUnadjusted Trial BalanceJune YtableDebitBalancestableCreditBalancesCashAccounts Recelvable..................................................................,SuppliesEquipmentAccounts Payable..................................................................,,Unearned Fees......................................................................,,Nancy Townes, Capital.............................................................,,Nancy Townes, Drawing...........................................................,Fees Earned.........................................................................,,Wages Expense.....................................................................,Rent Expense...........................................................................,Utilities Expense.....................................................................,Miscellaneous Expense............................................................, For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June were $ Supplies on hand on June were $ Depreciation of equipment was estimated to be $ for the year. The balance in unearned fees represented the June receipt in advance for services to be provided. During June, $ of the services were provided. Unpaid wages accrued on June were $ INSTRUCTIONS Journalize the adjusting entries necessary on June 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.
Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:
tabletableMilbank Repairs & ServiceUnadjusted Trial BalanceJune YtableDebitBalancestableCreditBalancesCashAccounts Recelvable..................................................................,SuppliesEquipmentAccounts Payable..................................................................,,Unearned Fees......................................................................,,Nancy Townes, Capital.............................................................,,Nancy Townes, Drawing...........................................................,Fees Earned.........................................................................,,Wages Expense.....................................................................,Rent Expense...........................................................................,Utilities Expense.....................................................................,Miscellaneous Expense............................................................,
For preparing the adjusting entries, the following data were assembled:
Fees earned but unbilled on June were $
Supplies on hand on June were $
Depreciation of equipment was estimated to be $ for the year.
The balance in unearned fees represented the June receipt in advance for services to be provided. During June, $ of the services were provided.
Unpaid wages accrued on June were $
INSTRUCTIONS
Journalize the adjusting entries necessary on June
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.
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