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

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	9,880.00
2	Accounts Receivable	67,550.00
3	Supplies	16,160.00
4	Equipment	114,550.00
5	Accounts Payable		15,790.00
6	Unearned Fees		17,600.00
7	Nancy Townes, Capital		122,210.00
8	Nancy Townes, Drawing	13,210.00
9	Fees Earned		291,830.00
10	Wages Expense	94,040.00
11	Rent Expense	71,870.00
12	Utilities Expense	52,130.00
13	Miscellaneous Expense	8,040.00
14	Totals	447,430.00	447,430.00

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

	Fees earned but unbilled on June 30 were $9,890.
	Supplies on hand on June 30 were $4,770.
	Depreciation of equipment was estimated to be $6,470 for the year.
	The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $15,120 of the services were provided.
	Unpaid wages accrued on June 30 were $5,280.

	Required:
1.	Journalize the adjusting entries necessary on June 30, 2019. Refer to the Chart of Accounts for exact wording of account titles.
2.	Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries.
3.	Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries.
4.	Determine the effect of the adjusting entries on Nancy Townes, Capital.