Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,140.00 2 Accounts Receivable 67,920.00 3 Supplies 15,710.00 Equipment 116,740.00 SAccounts Payable 15,900.00 6 Unearned Fees 17,920.00 Nancy Townes, Capital 119,800.00 7 Nancy Townes, Drawing 13,440.00 9 Fees Earned 295,870.00 10 Wages Expense 94,410.00 11 Rent Expense 71,690.00 12 Utilities Expense 51,490.00 13 Miscellaneous Expense 7,950.00 14 Totals 449,490.00 449,490.00 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $9,440. Supplies on hand on June 30 were $5,130. Depreciation of equipment was estimated to be $6,200 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $15,280 of the services were provided. Unpaid wages accrued on June 30 were $5,230. 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. 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Before Adjusting Entries 1 Revenues $295,870.00 225,540.00 Expenses 3 Net income $70,330.00 3. Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries. After Adjusting Entries 1 Revenues 2 Expenses 3 Net income 4. Determine the effect of the adjusting entries on Nancy Townes, Capital The adjusting entries decreases net income by $