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, 2014 Debit Balances Credit Balances Cash 14,480 Accounts Receivable 96,120 23,160 536,280 22,580 25,480 384,000 Supplies Equipment Accounts Payable Unearned Fees Nancy Townes, Capital Nancy Townes, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 19,110 579,040 134,340 102,490 73,540 11,580 1,011,100 1,011,100 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were 510,480 Supplies on hand on June 30 were $8,560, Depreciation of equipment was estimated to be $14,480 for the year The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June. $20,130 of the services were provided. Supplies on hand on June 30 were $8,560. Depreciation of equipment was estimated to be $14,480 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $20,130 of the services were provide Unpaid wages accrued on June 30 were $1,850. Required: 1. Journalize the adjusting entries necessary on June 30, 2014. If an amount box does not require an entry, leave it blank. Accounts Receivable Fees Earned 2014 June 30 30 Supplies Expense Supplies 30 Depreciation Expense Accumulated Depreciation-Equipment 30 Unearned Fees Fees Earned 30 Wages Expense Wages Payable 2. Determine the revenues, expenses, and net income of Mibank 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 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. Enter the amount as positive numbers. Nancy Townes, Capital by $