Question: 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

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

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

Step by Step Solution

★★★★★

3.47 Rating (147 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To solve this problem well go through the adjusting entries first then determine the revenues expenses and net income for both before and after adjust... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

On December 31, the warranty liability was estimated to be $100,000. On January 16 of the following year, results of a study done before December 31 were received. These study results indicate that...

On December 31, the warranty liability was estimated to be $100,000. On January 16 of the following year, it was learned that one week before, on January 9, poor-quality materials were introduced...

On December 31, the warranty liability was estimated to be $150,000. On January 16 of the following year, results of a study done before December 31 were received. These study results indicate that...

for preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $9,480. Supplies on hand on June 30 were $7,740. Depreciation of equipment was...

Milbank Repairs \& Service UNADJUSTED TRIAL BALANCE June 30,20Y4 For preparing the adjusting entries, the following data were assembled: - Fees earned but unbilled on June 30 were $7,380. - Supplies...

For preparing the adjusting entries, the following data were assembled: - Fees earned but unbilled on June 30 were $10,110. Supplies on hand on June 30 were $4,650. Depreciation of equipment was...

For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on June 30 were $10,710. Supplies on hand on June 30 were $8,740. Depreciation of equipment was...

Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: \ table [ [ \ table [ [ Milbank Repairs & Service ]...

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...

A gaseous mixture containing 80 mol% methane and the balance methyl ethyl ketone (C4H8O) is burned with 50% excess air. During the reaction, 95% of the methane and 75% of the methyl ethyl ketone were...

Using Eq. (1.5), determine the ac resistance at a current of 1 mA and 15 mA for the diode of Fig. 1.15. Modify the equation as necessary for low levels of diode current. Compare to the solutions...

discuss how ecofit sporting goods existing compensation system should guide decisions regarding the determination of the salary for an additional position of inventory coordinator,

Retzlaff Company's income statement contained the condensed information below. Retzlaff's balance sheet contained the comparative data at December 31. Accounts payable pertain to operating...

A proton moving in the plane of the page has a kinetic energy of 6.00 MeV. A magnetic field of magnitude B = 1.00 T is directed into the page. The proton enters the magnetic field with its velocity...

Indicate the effectUnderstate, Overstate, No Effectthat each of the following errors has on 2010 net income and 2011 net income. 2010 2011 (a) Equipment purchased in 2009 was expensed. _____ _____...

Ochoa Inc. had the following condensed balance sheet at the end of operations for 2009. During 2010 the following occurred. 1. A tract of land was purchased for $11,000. 2. Bonds payable in the...

James Kirk is a financial executive with McDowell Enterprises. Although James Kirk has not had any formal training in finance or accounting, he has a good sense for numbers and has helped the company...

While capturing and processing network packets, how can the data link, network and transport layers decide about which upper layer protocol data is being carried inside the captured Ethernet frame

Electro Repairs & Service, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations. For preparing the adjusting entries, the...

Trident 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...

Electro Repairs & Service, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations. For preparing the adjusting entries, the...

Anguilla Company, an electronics repair store, prepared the following trial balance at the end of its first year of operations: For preparing the adjusting entries, the following data were assembled:...

Chinook Company, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations. For preparing the adjusting entries, the following data...

Econo Company, an electronics repaid store, prepared the unadjusted trial balance shown below at the end of its first year of operations. For preparing the adjusting entries, the following data were...