The writer is very fast, professional and responded to the review request fast also. Thank you.
Milbank Repairs & Service
UNADJUSTED TRIAL BALANCE
June 30, 2019
ACCOUNT 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 14Totals500,000.00500,000.00
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 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.
X
Chart of Accounts
CHART OF ACCOUNTSMilbank Repairs & ServiceGeneral LedgerASSETS11Cash12Accounts Receivable13Supplies14Equipment15Accumulated Depreciation-Equipment
LIABILITIES21Accounts Payable22Wages Payable23Unearned Fees
EQUITY31Nancy Townes, Capital32Nancy Townes, Drawing33DividendsREVENUE41Fees Earned
EXPENSES51Wages Expense52Rent Expense53Supplies Expense54Depreciation Expense56Utilities Expense59Miscellaneous Expense
X
Journal
Shaded cells have feedback.
1. Journalize the adjusting entries necessary on June 30, 2019.
How does grading work?
PAGE 10
JOURNAL
ACCOUNTING EQUATION
Score: 118/126
DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 Adjusting Entries 2✔✔ ✔3✔ ✔4✔✔ ✔✔5✔ ✔✔6✔✔ ✔✔7✔ ✔✔8✔✔ ✔9✔ ✔10✔✔ ✔✔11✔ ✔✔
Points:
23.41 / 25
Feedback
Check 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.
X
Final Questions
Shaded cells have feedback.
2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries.
Question not attempted.
Score: 0/12
Before Adjusting Entries1Revenues2Expenses3Net income
Milbank Repairs & Service
UNADJUSTED TRIAL BALANCE
June 30, 2019
ACCOUNT 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 14Totals500,000.00500,000.00
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 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.
X
Chart of Accounts
CHART OF ACCOUNTSMilbank Repairs & ServiceGeneral LedgerASSETS11Cash12Accounts Receivable13Supplies14Equipment15Accumulated Depreciation-Equipment
LIABILITIES21Accounts Payable22Wages Payable23Unearned Fees
EQUITY31Nancy Townes, Capital32Nancy Townes, Drawing33DividendsREVENUE41Fees Earned
EXPENSES51Wages Expense52Rent Expense53Supplies Expense54Depreciation Expense56Utilities Expense59Miscellaneous Expense
X
Journal
Shaded cells have feedback.
1. Journalize the adjusting entries necessary on June 30, 2019.
How does grading work?
PAGE 10
JOURNAL
ACCOUNTING EQUATION
Score: 118/126
DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 Adjusting Entries 2✔✔ ✔3✔ ✔4✔✔ ✔✔5✔ ✔✔6✔✔ ✔✔7✔ ✔✔8✔✔ ✔9✔ ✔10✔✔ ✔✔11✔ ✔✔
Points:
23.41 / 25
Feedback
Check 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.
X
Final Questions
Shaded cells have feedback.
2. Determine the revenues, expenses, and net income of Milbank Repairs & Service before the adjusting entries.
Question not attempted.
Score: 0/12
Before Adjusting Entries1Revenues2Expenses3Net income
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more