For preparing the adjusting entries, the following data were assembled Fees earned but unbilled on...

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For preparing the adjusting entries, the following data were assembled • Fees earned but unbilled on June 30 were $9.970. • Supplies on hand on June 30 were $4,550. • Depreciation of equipment was estimated to be $6,090 for the year. • The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, S15,260 of the services were provided • Unpaid wages accrued on June 30 were $4,780. Required: 1. Journalze the adjusting entries necessary on June 30, 2019. Refer to the Chart of Accounta 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 Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,310.00 1 Accounts Recevable 67,890.00 5 Supplies 16,150.00 Equipment 111,740.00 Accounts Payable 16.080.00 6 Unearned Fees 18,280.00 Nancy Townes, Capital 112.820.00 I Nancy Townes, Drawing 13,880.00 Fees Earned 299,210.00 16 Wages Expense 94,230.00 1 Rent Expense 72,460.00 u Utites Expense 51,660.00 Miscellaneous Expense 8,070.00 4 Totals 446,390.00 446,390.00 For preparing the adjusting entries, the following data were assembled • Fees earned but unbilled on June 30 were $9.970. • Supplies on hand on June 30 were $4,550. • Depreciation of equipment was estimated to be $6,090 for the year. • The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, S15,260 of the services were provided • Unpaid wages accrued on June 30 were $4,780. Required: 1. Journalze the adjusting entries necessary on June 30, 2019. Refer to the Chart of Accounta 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 Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 10,310.00 1 Accounts Recevable 67,890.00 5 Supplies 16,150.00 Equipment 111,740.00 Accounts Payable 16.080.00 6 Unearned Fees 18,280.00 Nancy Townes, Capital 112.820.00 I Nancy Townes, Drawing 13,880.00 Fees Earned 299,210.00 16 Wages Expense 94,230.00 1 Rent Expense 72,460.00 u Utites Expense 51,660.00 Miscellaneous Expense 8,070.00 4 Totals 446,390.00 446,390.00

Answer rating: 100% (QA)

Adjustment Entries 1 Date Account Title Debit Credit 30Jun19 Accounts Receivable 9970 Fees Earned 99... View the full answer