Assignments: Finan X Question 1 - Chapte x Speech Outline Tem x Why some people d x ) Road Forward: Heat A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252 Chapter 3 Homework Problems 1 Required Information P3-6 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement, and Part Suta Evaluating the Net Profit Margin Ratio LO3-4, 3-5, 3-6 (The following infoo n applies to the que played below Following are account balances (in millions of dollars] from a recent StateEx annual report, followed by several typical transactions, Assume that the following are account balances on May 31 [ end of the prior fiscal year Property and equipment (net) 15, 204 Retained earnings 11,006 Receivables other current assets accounts payable Cast Accrued expenses payable 2. 210 parts, supplies, and Puel Other mancurrent ascolt 2, 76 Additional Paid In Capital Common stock (130.10 par value) These socounts are not necessarily in good order and have normal debit or credit balances. Assume the following transactions [In millions, except for par value) occurred the next fiscal year beginning June 1 [the current years a. Provided delivery service to customers, who paid $4,850 in cash and owed $27904 on account. b. Purchased new equipment costing $3,574; signed a lo signed a long-term note. c. Pald $9,204 cash to rent equipment and aircran, with $4180 for rent this year and the rest for rent next year Spent $1004 canh to repair facilities and equipment during the year. e Collected $28,485 from customers on account L Repaid $220 on a long-term note [ignore interest). g. Issued 90 million addlionel shares of $0.10 par value stock for $23 (that's $23 million Paid employees $11020 for work during the year. L Purchased spare parts, supplies, and fuel for the aircraft and equipment for $8,804 cash Used $8.8DO In spare parts, supplies, and fuel for the aircraft and equipment during the year Paid $924 on accounts payable. L Ordered $102 In spare parts and supplies P3 6 Part 1 Required 1 Prepare journal entries for each transaction. ( no entry is required for a transat the first account field. Enter amounts In millions, not dollars.) Journal entry worksheet 12 Provided delivery service to customers, who paid $4,290 In cash and owed! 527,904 on account