Milbank Repairs & Service

Milbank Repairs & ServiceUNADJUSTED TRIAL BALANCEJune 30, 2019ACCOUNT TITLEDEBITCREDIT1Cash10,350.00 2Accounts Receivable67,500.00 3Supplies16,200.00 4Equipment166,100.00 5Accounts Payable 15,750.006Unearned Fees 18,000.007Nancy Townes, Capital 171,500.008Nancy Townes, Drawing13,500.00 9Fees Earned 294,750.0010Wages Expense94,500.00 11Rent Expense72,000.00 12Utilities Expense51,750.00 13Miscellaneous Expense8,100.00 14Totals500,000.00500,000.00For 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.Required:1.Journalize the adjusting entries necessary on June 30, 2019. Refer to the Chart of Accounts for exact wording of account titles.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.XChart of AccountsCHART OF ACCOUNTSMilbank Repairs & ServiceGeneral LedgerASSETS11Cash12Accounts Receivable13Supplies14Equipment15Accumulated Depreciation-EquipmentLIABILITIES21Accounts Payable22Wages Payable23Unearned FeesEQUITY31Nancy Townes, Capital32Nancy Townes, Drawing33DividendsREVENUE41Fees EarnedEXPENSES51Wages Expense52Rent Expense53Supplies Expense54Depreciation Expense56Utilities Expense59Miscellaneous ExpenseXJournalShaded cells have feedback.1. Journalize the adjusting entries necessary on June 30, 2019.How does grading work?PAGE 10JOURNALACCOUNTING EQUATIONScore: 118/126DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 Adjusting Entries      2?? ?3? ?4?? ??5? ??6?? ??7? ??8?? ?9? ?10?? ??11? ??Points:23.41 / 25FeedbackCheck My Work1. Keep in mind that you will be making an adjusting entry for each of these that affects at least one income statement account (revenue or expense) and one balance sheet account (asset or liability). As you go through each of these, consider both sides of the transaction that results in an adjusting entry and identify related accounts. Remember, four different categories of adjusting entries include prepaid expenses (deferred expenses), unearned revenues (deferred revenues), accrued expenses (accrued liabilities), and accrued revenues (accrued assets) plus the adjustment for depreciation expense.XFinal QuestionsShaded cells have feedback.2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries.Question not attempted.Score: 0/12Before Adjusting Entries1Revenues2Expenses3Net income  Milbank Repairs & ServiceUNADJUSTED TRIAL BALANCEJune 30, 2019ACCOUNT TITLEDEBITCREDIT1Cash10,350.00 2Accounts Receivable67,500.00 3Supplies16,200.00 4Equipment166,100.00 5Accounts Payable 15,750.006Unearned Fees 18,000.007Nancy Townes, Capital 171,500.008Nancy Townes, Drawing13,500.00 9Fees Earned 294,750.0010Wages Expense94,500.00 11Rent Expense72,000.00 12Utilities Expense51,750.00 13Miscellaneous Expense8,100.00 14Totals500,000.00500,000.00For 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.Required:1.Journalize the adjusting entries necessary on June 30, 2019. Refer to the Chart of Accounts for exact wording of account titles.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.XChart of AccountsCHART OF ACCOUNTSMilbank Repairs & ServiceGeneral LedgerASSETS11Cash12Accounts Receivable13Supplies14Equipment15Accumulated Depreciation-EquipmentLIABILITIES21Accounts Payable22Wages Payable23Unearned FeesEQUITY31Nancy Townes, Capital32Nancy Townes, Drawing33DividendsREVENUE41Fees EarnedEXPENSES51Wages Expense52Rent Expense53Supplies Expense54Depreciation Expense56Utilities Expense59Miscellaneous ExpenseXJournalShaded cells have feedback.1. Journalize the adjusting entries necessary on June 30, 2019.How does grading work?PAGE 10JOURNALACCOUNTING EQUATIONScore: 118/126DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 Adjusting Entries      2?? ?3? ?4?? ??5? ??6?? ??7? ??8?? ?9? ?10?? ??11? ??Points:23.41 / 25FeedbackCheck My Work1. Keep in mind that you will be making an adjusting entry for each of these that affects at least one income statement account (revenue or expense) and one balance sheet account (asset or liability). As you go through each of these, consider both sides of the transaction that results in an adjusting entry and identify related accounts. Remember, four different categories of adjusting entries include prepaid expenses (deferred expenses), unearned revenues (deferred revenues), accrued expenses (accrued liabilities), and accrued revenues (accrued assets) plus the adjustment for depreciation expense.XFinal QuestionsShaded cells have feedback.2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries.Question not attempted.Score: 0/12Before Adjusting Entries1Revenues2Expenses3Net income

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