PR 3-3A Adjusting entries Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Cash... Accounts Receivable. Supplies... Equipment.. Accounts Payable. Unearned Fees... Nancy Townes, Capital.. Nancy Townes, Drawing. Fees Earned.. Wages Expense. Rent Expense... Utilities Expense.. Miscellaneous Expense. Milbank Repairs & Service Unadjusted Trial Balance June 30, 20Y4 Debit Credit Balances Balances 10,350 67,500 16,200 166,100 15,750 18,000 171,500 13.500 294,750 94,500 72,000 51,750 8,100 500,000 500,000 . 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 I 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. Instructions 1. Journalize the adjusting entries necessary on June 30, 20Y4. 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.