(Readings: Chapter 3) Milbank Repairs \& Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: 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, $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