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The volume is probably controlled by an IC that does all the work. It most likely has failed. It's unlikely that the wheel is the cause of the trouble, unless it has broken leaving the circuit fully open. But I think that unlikely.
If the unit has not been used for sometime then the second fault will probably due to the belts turning to goo!
I just set the time on my mx-d301t and it goes like this:
First you need to put the device to standby mode (red light and the time are showing).
Then you take the remote and press first SHIFT button and then CLOCK button (number 1) one after another and the time should start blinking.
Next you can set the time by using the SELECT buttons - (number 4) and + (number 5).
When the time is right you just need to press SET button (number 8) and the time should stop blinking.
There you go, the time is set.
You could try a CD lens cleaning disc which will clean any dust off the laser lens. But it is possible the laser power can be low if it is an old player. this will stop the discs being read fence the fault No CD as it cant see the disc. This will mean either a new laser assembly or complete CD deck. Try the cleaning disc first and if that does not work take it to a service centre or just use it as a radio cassette in the garage.
There are rubber drive parts used in the cassette mechanism, and over time they wear out. Infrequent use can hasten the rubber failure (similar to how a car's tires can go bad if a car sits idle for a long time). An overhaul by a stereo service shop, a good cleaning and replacement of the affected parts, will bring it back to life.
Silmilar problem on a MX-D501T At times the unit fails to recognise the music CD in the tray, or
recognises its presence and shows tracks & time play on screen but
doesn't initiate playing. The fault is erratic. Pushing 'play' on the
remote doesn't initiate either. Is this a faulty head or 'dry joints' somwhere?
Have it first cleaned by a cd disc cleaner or if you are familiar with cleaning the lens manually im sure that will work...or try inserting an original cd's,if it works with that find the solution to the settings of your device...