Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 20Y4 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,350.00 67,500.00 2 Accounts Receivable 3 Supplies 16,200.00 4 Equipment 166,100.00 s Accounts Payable Unearned Fees 15,750.00 18,000.00 171,500.00 13,500.00 294,750.00 7 Nancy Townes, Capital a Nancy Townes, Drawing 9 Fees Eamed 10 Wages Expense 11 Rent Expense 12 Utilities Expense 13 Miscellaneous Expense 94,500.00 72,000.00 51,750.00 8,100.00 500,000.00 14 Totals 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 unearned fees represented the June 1 receipt in advance for services to be provided. During June, S16,500 of the services were provided Unpaid wages accrued on June 30 were $3,880. Required: 1. Jourmalize the adjusting entries necessary on June 30, 20Y4. 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 joumal page is used for debit or credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered 2. Determine the revenues, expenses, and net income of Mibank Repairs & Service before the adjusting entries. 3. Determine the revenues, expenses, and net income of Mitbank Repairs & Service after the adjusting entries 4. Determine the effect of the adjusting entries on Nancy Townes Capital Adjusting entries Instructions Chart of Accounts Journal Final Questions Instructions X Final Questions Shaded cells have feedback. Journal 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. 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. ered Question not attempted. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. Before Adjusting Entries Score: 0/11 PAGE 10 1 Revenues JOURNAL Score: 92/126 ACCOUNTING EQUATION 2 Expenses DATE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries 3 Net income 1 2 Jun. 50 Accounts Receivable 7,380.00 1 Points 0/3 Fees Earned 7380.00 1 11,000.00 5 11,000.00 1 Feedback Check My Work 16,500.00 1 Jun 30 Supplies Expense Supplies Jun. 30 Depreciation Expense Accumulated Depreciation-Equipment Jun 30 Wages Expense Wages Payable 7 16,500.00 2. Remember that Revenue - Expenses = Net Income (before adjustments). 3,880.00 9 3,880.00 1 3. Determine the revenues, expenses and net income of Mibank Repairs & Service after the adjusting entries 10 1: Question not attempted. After Adjusting Entries Score: 0/11 1 Revenues Po 2 Expenses Feedback 3 Net income Check My Work Remember, four 1. Keep in mind that you will be making an adjusting entry for each of these that affects at least one income statement account (revenue or expense) and one balance sheet account (asseto adiusting entries include prenaid expenses. (deferred expenses unearned revenues ideferred revenues) accrued expenses accrued liabilities and accrued revenues accrued assetsnud Points: 0/3 Feedback Depreciation of equipment was estimated to be $11,000 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, S16,500 of the services were provided. Unpaid wages accrued on June 30 were $3.880. Check My Work 3. Remember that Revenue - Expenses = Net Income (after adjustments) 4. Determine the effect of the adjusting entries on Nancy Townes Capital The adjusting entries decrease net income by S Daint