Milbank Repairs & Service, an electronics repair store, prepared the following un acjusted trial balance at the end of its first year of operations: Mitbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2014 ACCOUNT TITLE DERIT CREDIT 1 Cash 10,350.00 67,500.00 Accounts Receivable 1 Supplies 16,200.00 Equipment 166,100.00 Accounts Payable 15,750.00 Uncanned Fees 18.000.00 Nancy Townes Capital 171.500.00 Nancy Townes, Drawing 13.500.00 29475 Fees Earned 294750.00 94,500.00 72.000.00 10 Wages Expense 1: Rent Expense 12 Utilities Expense 13 Miscellaneous Expense 51,750.00 8,100.00 14 Totals 500,000.00 500.000,00 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 uneamed foes 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 Required: 1. Journalize the adjusting entries necessary on June 30, 2014 Refer to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use lines for journal explanations. Every line on a journal page is used for debitor credit entries. CNOW Journals will automatically indent a credit entry when a credit amount is entered. 2. Determine the revenues, oxponses, and net income or Mubank Repairs & Service before the adjusting entries. 3. Determine the revenues, expenses, and net income or Milbank Repairs & Service after the adjusting entries. 4. Determine the effect of the adjusting entries on Nancy Townes, Capital Chart of Accounts CHART OF ACCOUNTS Milbank Repairs & Service General Ledger ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable 13 Supplies EXPENSES 14 Equipment 51 Wages Expense 15 Accumulated Depreciation-Equipment 52 Rent Expense 53 Supplies Expense Chart of Accounts 53 Supplies Expense LIABILITIES 54 Depreciation Expense 21 Accounts Payable 56 Utilities Expense 22 Wages Payable 59 Miscellaneous Expense 23 Uneamed Fees EQUITY 31 Nancy Townes, Capital 32 Nancy Townes, Drawing 33 Dividends Final Questions Shaded cells have feedback 2 Determine the revenues, expenses, and net income of Mibank Repairs & Service before the adjusting entries. Question not attempted. Before Adjusting Entries Score: 0/11 1 Revenues 2 Expenses Net income Final Questions Shaded cells ha 3. Determine the revenues, expenses, and net income of Mibank Repairs & Service after the adjusting entrios. Question not attempted. After Adjusting Entries Score: 0/11 1 Revenues * Expenses 3 Net income 4. Determine the effect of the adjusting entries on Nancy Townes, Capital. The adjusting entries decrease V net income by Points: 1/2