Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the...

 

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Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: 1 Cash 2 Accounts Receivable 3 Supplies 4 Equipment s Accounts Payable 6 Unearned Fees 7 Nancy Townes, Capital Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2014 ACCOUNT TITLE DEBIT 10,150.00 67,550.00 16,590.00 112,610.00 CREDIT 15,540.00 18,360.00 120,650.00 8 Nancy Townes, Drawing 9 Fees Earned 10 Wages Expense 11 Rent Expense 12 Utilities Expense 13 Miscellaneous Expense 14 Totals 13,540.00 94,050.00 72,120.00 51,730.00 7,960.00 446,300.00 291,750.00 446,300.00 For preparing the adjusting entries, the following data were assembled: • Fees earned but unbilled on June 30 were $10,310. • Supplies on hand on June 30 were $4,550. Depreciation of equipment was estimated to be $6,180 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $15,030 of the services were provided. Unpaid wages accrued on June 30 were $5.070. . Required: 1. Journalize the adjusting entries necessary on June 30, 2014. 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, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: 1 Cash 2 Accounts Receivable 3 Supplies 4 Equipment s Accounts Payable 6 Unearned Fees 7 Nancy Townes, Capital Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2014 ACCOUNT TITLE DEBIT 10,150.00 67,550.00 16,590.00 112,610.00 CREDIT 15,540.00 18,360.00 120,650.00 8 Nancy Townes, Drawing 9 Fees Earned 10 Wages Expense 11 Rent Expense 12 Utilities Expense 13 Miscellaneous Expense 14 Totals 13,540.00 94,050.00 72,120.00 51,730.00 7,960.00 446,300.00 291,750.00 446,300.00 For preparing the adjusting entries, the following data were assembled: • Fees earned but unbilled on June 30 were $10,310. • Supplies on hand on June 30 were $4,550. Depreciation of equipment was estimated to be $6,180 for the year. The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $15,030 of the services were provided. Unpaid wages accrued on June 30 were $5.070. . Required: 1. Journalize the adjusting entries necessary on June 30, 2014. 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

Answer rating: 100% (QA)

1 Journalizing the adjusting entries on June 30 2014 a Fees earned but unbilled on June 30 Debit Acc... View the full answer