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Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Credit Balances Balances Cash 13,830 Accounts Receivable 91,850 Supplies 22,130 Equipment 518,530 Accounts Payable 21,580 Uneamed Fees 24,350 Nancy Townes, Capital 373,000 Nancy Townes, Drawing 18,260 Fees Earned 553,320 Wages Expense 128,370 Rent Expense 97,940 Utilities Expense 70,270 Miscellaneous Expense 11,070 972,250 972,250 For preparing the adjusting entries, the following data were assembled: • Fees earned but unbilled on June 30 were $10,010. Supplies on hand on June 30 were $8,170. Depreciation of equipment was estimated to be $13,830 for the year. The balance in uneamed fees represented the June 1 receipt in advance for services to be provided. During June $19,240 of the services was provided. • Unpaid wages accrued on June 30 were $1,770. Required: 1. Journalize the adjusting entries necessary on June 30, 2019. a. Accounts Receivable Fees Earned 9,120 9,120 b. Supplies Expense 13,960 Supplies 13,960 c. Depreciation Expense Accumulated Depreciation-Equipment 13,830 13,830 d. Unearned Fees 5110 Fees Earned 5110 e. Wages Expense Wages Payable 1,770 1,770 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Revenues 553,320V Expenses Net income

Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Credit Balances Balances Cash 13,830 Accounts Receivable 91,850 Supplies 22,130 Equipment 518,530 Accounts Payable 21,580 Uneamed Fees 24,350 Nancy Townes, Capital 373,000 Nancy Townes, Drawing 18,260 Fees Earned 553,320 Wages Expense 128,370 Rent Expense 97,940 Utilities Expense 70,270 Miscellaneous Expense 11,070 972,250 972,250 For preparing the adjusting entries, the following data were assembled: • Fees earned but unbilled on June 30 were $10,010. Supplies on hand on June 30 were $8,170. Depreciation of equipment was estimated to be $13,830 for the year. The balance in uneamed fees represented the June 1 receipt in advance for services to be provided. During June $19,240 of the services was provided. • Unpaid wages accrued on June 30 were $1,770. Required: 1. Journalize the adjusting entries necessary on June 30, 2019. a. Accounts Receivable Fees Earned 9,120 9,120 b. Supplies Expense 13,960 Supplies 13,960 c. Depreciation Expense Accumulated Depreciation-Equipment 13,830 13,830 d. Unearned Fees 5110 Fees Earned 5110 e. Wages Expense Wages Payable 1,770 1,770 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Revenues 553,320V Expenses Net income

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
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Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Credit Balances Balances Cash 13,830 Accounts Receivable 91,850 Supplies 22,130 Equipment 518,530 Accounts Payable 21,580 Uneamed Fees 24,350 Nancy Townes, Capital 373,000 Nancy Townes, Drawing 18,260 Fees Earned 553,320 Wages Expense 128,370 Rent Expense 97,940 Utilities Expense 0,270ל Miscellaneous Expense 11,070 972,250 972,250 For preparing the adjusting entries, the following data were assembled: • Fees earned but unbilled on June 30 were $10,010. • Supplies on hand on June 30 were $8,170. • Depreciation of equipment was estimated to be $13,830 for the year. • The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $19,240 of the services was provided. • Unpaid wages accrued on June 30 were $1,770. Required: 1. Journalize the adjusting entries necessary on June 30, 2019. Accounts Receivable 9,120 a. Fees Earned 9,120 b. Supplies Expense 13,960 Supplies 13,960 c. Depreciation Expense 13,830 Accumulated Depreciation-Equipment 13,830 d. Unearned Fees Fees Earned 5,110 5,110 Wages Expense Wages Payable e. 1,770 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Revenues 553,320 V Expenses Net income
Transcribed Image Text:Milbank Repairs & Service Unadjusted Trial Balance June 30, 2019 Debit Credit Balances Balances Cash 13,830 Accounts Receivable 91,850 Supplies 22,130 Equipment 518,530 Accounts Payable 21,580 Uneamed Fees 24,350 Nancy Townes, Capital 373,000 Nancy Townes, Drawing 18,260 Fees Earned 553,320 Wages Expense 128,370 Rent Expense 97,940 Utilities Expense 0,270ל Miscellaneous Expense 11,070 972,250 972,250 For preparing the adjusting entries, the following data were assembled: • Fees earned but unbilled on June 30 were $10,010. • Supplies on hand on June 30 were $8,170. • Depreciation of equipment was estimated to be $13,830 for the year. • The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $19,240 of the services was provided. • Unpaid wages accrued on June 30 were $1,770. Required: 1. Journalize the adjusting entries necessary on June 30, 2019. Accounts Receivable 9,120 a. Fees Earned 9,120 b. Supplies Expense 13,960 Supplies 13,960 c. Depreciation Expense 13,830 Accumulated Depreciation-Equipment 13,830 d. Unearned Fees Fees Earned 5,110 5,110 Wages Expense Wages Payable e. 1,770 2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries. Revenues 553,320 V Expenses Net income
3. Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries. Revenues Expenses Net income 4. Determine the effect of the adjusting entries on Nancy Townes, Capital. Nancy Townes, Capital decreases V by s
Transcribed Image Text:3. Determine the revenues, expenses, and net income of Milbank Repairs & Service after the adjusting entries. Revenues Expenses Net income 4. Determine the effect of the adjusting entries on Nancy Townes, Capital. Nancy Townes, Capital decreases V by s
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