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Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:
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In this file, answers are of following points: 
Instructions 
1. Journalize the adjusting entries necessary on June 30, 20Y4. 
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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