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OBJ. 2, 3,4,5 PR 3-3A Adjusting entries Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Credit Balances Debit Balances Cash Supplies Accounts Payable 10,350 67,500 16,200 166,100 15,750 18,000 171,500 . . . . Nancy Townes, Capital Nancy Townes, Drawing Fees Earned. 13,500 94,500294,750 72,000 51,750 8,100 Rent Expense Utilities Expense Miscellaneous Expense 500,000 500,000 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, 2019. 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

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