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1. Lowtax and Co., 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 April 30 were $10,850. - Supplies on hand on April 30 were \$6,670. - Depreciation of equipment was estimated to be $5,470 for the year. - The balance in unearned fees represented the April 1 receipt in advance for services to be provided. During April, \$18,000 of the services were provided. - Unpaid wages accrued on April 30 were \$7,700. Instructions for problem 1 a. Journalize the adjusting entries necessary on April 30, 2020. b. Determine the total revenues, total expenses, and net income of Lowtax and Co. before the adjusting entries. c. Determine the total revenues, total expense, and net income of Lowtax and Co. after the adjusting entries. d. Determine the effect of the adjusting entries on Retained Earnings. \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Journal } & Post. Ref. & Debit & Credit \\ \hline Date & Description & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & 0.1 & 0 \\ \hline & & & & & \\ \hline \end{tabular}