3. Following are account balances (in millions of dollars) from a recent FedEx Annual Report, followed by several typical transactions. Assume that the following are preliminary account balances on May 31: (50 POINTS) Amounts in Transaction Accounts Millions Property and Equipment, Net $13,894 Retained Earnings 9,606 Accounts Payable 1,257 Prepaid Expenses 108 Accrued Expenses Payable 2,070 Long-Term Notes Payable 1,490 Other Non-Current Assets 2,552 Common Stock ($0.10 Par Value) Accounts Receivable 1,549 Other Current Assets 879 Cash 884 Spare Parts, Supplies and Fuel 394 Other Non-Current Liabilities 3,290 Other Current Liabilities 1,939 Additional Paid-In Capital Source: FedEx Corporation Assume the following transactions (in millions, except for par value) occurred prior to the May 31, 2XXX close: a. Provided delivery service to customers, who paid $1,390 in cash and owed $24,704 on account. b. Purchased new equipment costing $3.434. signed a long term note. C. Paid $7,864 cash to rent Pageprezentang aircraft, Oh $+186 for rent this year and the rest for rent next year. 607 Assume the following transactions (in millions, except for par value) occurred prior to the May 31, 2XXX close: a. Provided delivery service to customers, who paid $1,390 in cash and owed $24,704 on account. b. Purchased new equipment costing $3,434; signed a long-term note. c. Paid $7,864 cash to rent equipment and aircraft, with $3,136 for rent this year and the rest for rent next year. d. Spent $864 cash to repair facilities and equipment during the year. e. Collected $24,285 from customers on account. f. Repaid $150 on a long-term note (ignore interest), g. Paid employees $9,276 for work during the year. Required: 1. Prepare journal entries for each transaction. 2. Prepare an Adjusted Trial Balance, reflecting the abovementioned debit and credit adjusting entries