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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 Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Credit Balances Balances Cash 10,350 67,500 16,200 Accounts Receivable. Supplies.. Equipment.... Accounts Payable Unearned Fees 166,100 15,750 18,000 Nancy Townes, Capital Nancy Townes, Drawing Fees Earned... 171,500 13,500 294,750 Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 94,500 72,000 51,750 8,100 500,000 500,000 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

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 Debit Credit Balances Balances Cash 10,350 67,500 16,200 Accounts Receivable. Supplies.. Equipment.... Accounts Payable Unearned Fees 166,100 15,750 18,000 Nancy Townes, Capital Nancy Townes, Drawing Fees Earned... 171,500 13,500 294,750 Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 94,500 72,000 51,750 8,100 500,000 500,000 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

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter3: The Adjusting Process
Section: Chapter Questions
Problem 5PB: Reece Financial Services Co., which specializes in appliance repair services, is owned and operated...
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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 Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Credit Balances Balances Cash 10,350 67,500 16,200 Accounts Receivable. Supplies.. Equipment.... Accounts Payable Unearned Fees 166,100 15,750 18,000 Nancy Townes, Capital Nancy Townes, Drawing Fees Earned... 171,500 13,500 294,750 Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 94,500 72,000 51,750 8,100 500,000 500,000 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
Transcribed Image Text: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 Debit Credit Balances Balances Cash 10,350 67,500 16,200 Accounts Receivable. Supplies.. Equipment.... Accounts Payable Unearned Fees 166,100 15,750 18,000 Nancy Townes, Capital Nancy Townes, Drawing Fees Earned... 171,500 13,500 294,750 Wages Expense Rent Expense Utilities Expense Miscellaneous Expense 94,500 72,000 51,750 8,100 500,000 500,000 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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