2:28 回 a l 42%1 Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT Cash 10,350.00 Accounts Receivable 67,500.00 3 Supplies 16,200.00 4 Equipment 166,100.00 5 Accounts Payable 15,750.00 6 Unearned Fees 18,000.00 7 Nancy Townes, Capital 171,500.00 8 Nancy Townes, Drawing 13,500.00 9 Fees Earned 294,750.00 10 Wages Expense 94,500.00 11 Rent Expense 72,000.00 12 Utilities Expense 51,750.00 13 Miscellaneous Expense 8,100.00 14 Totals 500,000.00 500,000.00 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. 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 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. Lר
2:28 回 a l 42%1 Milbank Repairs & Service UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT Cash 10,350.00 Accounts Receivable 67,500.00 3 Supplies 16,200.00 4 Equipment 166,100.00 5 Accounts Payable 15,750.00 6 Unearned Fees 18,000.00 7 Nancy Townes, Capital 171,500.00 8 Nancy Townes, Drawing 13,500.00 9 Fees Earned 294,750.00 10 Wages Expense 94,500.00 11 Rent Expense 72,000.00 12 Utilities Expense 51,750.00 13 Miscellaneous Expense 8,100.00 14 Totals 500,000.00 500,000.00 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. 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 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. Lר
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:2:28 回
a l 42%1
Milbank Repairs & Service
UNADJUSTED TRIAL BALANCE
June 30, 2019
ACCOUNT TITLE
DEBIT
CREDIT
Cash
10,350.00
Accounts Receivable
67,500.00
3 Supplies
16,200.00
4 Equipment
166,100.00
5
Accounts Payable
15,750.00
6 Unearned Fees
18,000.00
7 Nancy Townes, Capital
171,500.00
8 Nancy Townes, Drawing
13,500.00
9 Fees Earned
294,750.00
10 Wages Expense
94,500.00
11 Rent Expense
72,000.00
12 Utilities Expense
51,750.00
13 Miscellaneous Expense
8,100.00
14 Totals
500,000.00
500,000.00
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.
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
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.
Lר
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