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