Question

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

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
Balances		 Credit
Balances
Cash 12,030
Accounts Receivable 79,860
Supplies 19,240
Equipment 464,530
Accounts Payable 18,760
Unearned Fees 21,170
Nancy Townes, Capital 338,000
Nancy Townes, Drawing 15,880
Fees Earned 481,100
Wages Expense 111,620
Rent Expense 85,150
Utilities Expense 61,100
Miscellaneous Expense 9,620
859,030 859,030

For preparing the adjusting entries, the following data were assembled:

Required:

Fees earned but unbilled on June 30 were $8,710.

Supplies on hand on June 30 were $7,110.

Depreciation of equipment was estimated to be $12,030 for the year.

The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June $16,720 of the services was provided.

Unpaid wages accrued on June 30 were $1,540.

1. Journalize the adjusting entries necessary on June 30, 2019.

a. Accounts Receivable
Fees Earned
b.

c.
c.
d.
e.

2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries.

Revenues $
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 by $.


Business   Accounting   
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Homework Answers

Answer #1

Answer 1.

Answer 2.

Answer 3.

Answer 4.

Nancy Townes, Capital will decrease by $270 ($213,610 - $213,340).

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