$364 million in cash was disbursed and charged to Prepaid Expenses. Similarly, $147 million was disbursed for income taxes and charged to Income Taxes Payable.

Data Table - X May 31 2011 2010 593 869 119 58 Prepaid expenses Income taxes payable Print Done Requirement 1. Assume that the Prepaid Expenses account relates to outlays for miscellaneous operating expenses, for example, supplies, insurance, and short-term rentals. Prepare summary journal entries for (a) the disbursements and (b) the expenses for fiscal 2011. Start by preparing the journal entry for (a) the disbursements for fiscal 2011. Accounts Debit Credit a Now prepare the journal entry for (b) the expenses for fiscal 2011. Accounts Debit Credit b. Requirement 2. Assume that there were no other accounts related to income taxes. Prepare summary journal entries for (a) the disbursements and (b) the expenses for fiscal 2011. Start by preparing the journal entry for (a) the disbursements for fiscal 2011. Accounts Debit Credit a Now prepare the journal entry for (b) the expenses for fiscal 2011. Accounts Debit Credit b