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Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2014 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,350.00 2 Accounts Receivable 67,500.00 3 Supplies 16,200.00 166,100.00 4 Equipment 5 Accounts Payable 15,750.00 18,000.00 171,500.00 6 Unearned Fees 7 Nancy Townes, Capital 8 Nancy Townes, Drawing 9 Fees Earned 13,500.00 294,750.00 94,500.00 72,000.00 10 Wages Expense 11 Rent Expense 12 Utilities Expense 13 Miscellaneous Expense 51,750.00 8,100.00 14 Totals 500,000.00 500,000.00 Final Questions 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Before Adjusting Entries 1 Revenues 2 Expenses 3 Net income 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 net income by $ Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2014 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,350.00 2 Accounts Receivable 67,500.00 3 Supplies 16,200.00 166,100.00 4 Equipment 5 Accounts Payable 15,750.00 18,000.00 171,500.00 6 Unearned Fees 7 Nancy Townes, Capital 8 Nancy Townes, Drawing 9 Fees Earned 13,500.00 294,750.00 94,500.00 72,000.00 10 Wages Expense 11 Rent Expense 12 Utilities Expense 13 Miscellaneous Expense 51,750.00 8,100.00 14 Totals 500,000.00 500,000.00 Final Questions 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Before Adjusting Entries 1 Revenues 2 Expenses 3 Net income 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 net income by $