1. Prepare journal entries for each transaction. 2. Enter the ending balances from December 31 as the respective beginning balances for January 1 of the current year T-accounts the effects of each transaction. Label each using the letter of the transaction. 3. Prepare an unadjusted income statement for the current year ended December 31. 4. Compute the company's net profit margin ratio for the current year ended December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries for each transaction. Required 4 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amou millions, not dollars. View transaction list View journal entry worksheet No 1 Transaction General Journal Cash Accounts payable Required 2 Debit Credit Account Property, plant, and equipment (net) Retained earnings Accounts payable Accrued expenses payable Prepaid expenses Long-term notes payable Other non-current assets Common stock ($0.01 par value) Balance $17,494 Receivables Account 13,206 Other current assets Balance $2,449 1,059 1,617 Cash. 1,244 288 Spare parts, supplies, and fuel 757 2,430 Other non-current liabilities 1,850 Other current liabilities 3,092 Additional Paid-in Capital 3,830 2,299 1,147 These accounts are not necessarily in good order and have normal debit or credit balances. (Note: Because these are not all of UPS's accounts, these will not balance in a trial balance) Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning January 1 (the current year): a. Provided delivery service to customers, who paid $10,390 in cash and owed $36,704 on account b. Purchased new equipment costing $3,794; signed a long-term note. c. Paid $11,464 cash to rent equipment and aircraft, with $5,836 for rent this year and the rest for rent next year (a prepaid expense). d. Spent $1,224 cash to repair facilities and equipment during the year. e. Collected $35,085 from customers on account. f. Repaid $330 on a long-term note (ignore interest) g. Issued 200 million additional shares of $0.01 par value stock for $34 (that's $34 million). h. Paid employees $13,776 for work during the year L Purchased spare parts, supplies, and fuel for the aircraft and equipment for $11,964 cash. J. Used $7,350 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $1,144 on accounts payable. 1. Ordered $124 in spare parts and supplies. Required 1 Required 2 Required 3 Required 4 Enter the ending balances from December 31 as the respective beginning balances for January 1 of the current year. Record in the T-accounts the effects transaction. Label each using the letter of the transaction. Note: Enter your answers in millions, not in dollars. Cash Receivables Debit Credit Debit Credit Beginning balance Beginning balance Ending balance Ending balance Required 1 Required 2 Required 3 Required 4 Prepare an unadjusted income statement for the current year Note: Enter your answers in millions, not in dollars. UPS Income Statement (unadjusted) (in millions) 0 2. Enter the ending balances from December 31 as the respective beginning balances for January 1 o T-accounts the effects of each transaction. Label each using the letter of the transaction. 3. Prepare an unadjusted income statement for the current year ended December 31. 4. Compute the company's net profit margin ratio for the current year ended December 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's net profit margin ratio for the current year ended December 31. Note: Round your percentage answer to 1 decimal place (i.e., 32.1). Net profit margin ratio %