Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2014 ACCOUNT TITLE DEBIT CREDIT Cash 2 Accounts Receivable 10,150.00 67,550.00 1 Supplies 16,590.00 Equipment 112,610.00 Accounts Payable 15,540.00 Unearned Fees 18,360.00 Nancy Townes, Capital 120,650.00 Nancy Townes, Drawing 13,540.00 Fees Eamed 291,750.00 Wages Expense 94,050.00 Rent Expense 12 Utilities Expense 13 Miscellaneous Expense 54 Totals 72,120.00 51,730.00 7,960.00 446,300.00 446,300.00 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $10,310. Supplies on hand on June 30 were $4.550. Depreciation of equipment was estimated to be 56, 180 for the year. .The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $15.030 of the services were provided. Unpaid wages accrued on June 30 were $5.070. Required: 1. Joumalize 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 debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered 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 Chart of Accounts CHART OF ACCOUNTS Milbank Repairs & Service General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Equipment 15 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Wages Payable 23 Unearned Fees REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 52 Rent Expense 53 Supplies Expense 54 Depreciation Expense 56 Utilities Expense 59 Miscellaneous Expense EQUITY 31 Nancy Townes, Capital 32 Nancy Townes, Drawing 33 Dividends HE Final Questions 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. 1 Revenues 2 Expenses 3 Net income Before Adjusting Entries 3. Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries. 1 Revenues 2 Expenses 3 Net income After Adjusting Entries 4. Determine the effect of the adjusting entries on Nancy Townes, Capital. The adjusting entries net income by $