Chec 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): Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock ($0.10 par value) Balance Account $ 18,294 Receivables 14,006 other current assets 1,697 Cash 328 Spare parts, supplies, and fuel 2,510 Other noncurrent liabilities 1.930 Other current liabilities 3,212 Additional Paid-in Capital Balance $ 2,649 1,099 1, 324 836 3,950 2,379 1,267 These accounts are not necessarily in good order and have normal debitor credit balances. Assume the following transactions in millions, except for par value) occurred the next fiscal year beginning June 1 (the current year): a. Provided delivery service to customers, who paid $12,390 in cash and owed $39,904 on account. b. Purchased new equipment costing $3,874; signed a long-term note. c. Paid $12,264 cash to rent equipment and aircraft, with $6,436 for rent this year and the rest for rent next year. d. Spent $1,304 cash to repair facilities and equipment during the year. e. Collected $37.485 from customers on account. 1. Repaid $370 on a long-term note (ignore interest) g. Issued 240 million additional shares of $0.10 par value stock for $38 (that's $38 million). h. Paid employees $14,776 for work during the year. 1. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $13,164 cash. J. Used $7,550 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Pald $1,224 on accounts payable. 1. Ordered $132 in spare parts and supplies. 2. Prepare T-accounts for the current year from the preceding list; enter the pnding balances from May 31 as the respective beginning balances for June 1 of the current year. For each transaction, record the current year's transaction effects in the T-accounts. Label each using the letter of the transaction. (Enter your answers in millions, not in dollars.) ducation.com/ext/map/index.html?_con=con&external_browser=0&launchurl=https%253A%252F%252Fnewconn Saved signment 3 Required information Cash Receivables Beg. bal. Beg. bal. End. bal. 0 End, bal Spare Parts, Supplies, and Fuel Prepaid Expenses Beg. bal Beg. bal End, bal 0 End. bal. Other Current Assets Property and Equipment (net) Beg. bal Beg bal End, bal 0 End, bal Other Noncurrent Assets Accouts Payable Beg, bal Beg, bal C G Search or type URL GA & anment 3 Saved Required information Accrued Expenses Payable Other Current Liabilities Beg, bal Beg. bal End. bal. 0 End, bal 0 Long-Term Notes Payable Other Noncurrent Liabilities Beg bal Beg bal. End, bal 0 End. bal. 0 Common Stock Additional Pald-in Capital Beg. bal. Bog, bal End. bal. End, bal 0 Retained Earnings Delivery Service Revenue Beg. bal Beg. bal. End, bal 0 End, bal 0 Rent Expense Repair Expense Beg bal Beg bal. G Search or type URL + equired information bal. 0 End. bal. 0 Retained Earnings Delivery Service Revenue 9 bal. Beg, bal nd, bal 0 End, bal. 0 Rent Expense Repair Expense Bog. bal. Beg, bal End, bal 0 End, bal 0 Wage Expense Beg. bal Spare Parts, Supplies, and Fuel Expense Beg. bal. End, bal 0 End, bal e Search or type URL $ % 2 3 4 5 & 7 6 8 9 W E R T 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): Account Balance Account Balance Property and equipment (net) $ 18,294 Receivables $ 2,649 Retained earnings 14,006 Other current assets 1,099 Accounts payable 1,697 Cash 1,324 Prepaid expenses 328 Spare parts, supplies, and fuel 836 Accrued expenses payable 2,510 Other noncurrent liabilities 3,950 Long-term notes payable 1,930 Other current liabilities 2,379 Other noncurrent assets 3,212 Additional Paid-in Capital 1,267 Common stock ($0.10 par value) 3 These accounts are not necessarily in good order and have normal debitor credit balances. Assume the following transactions (in Millions, except for par value) occurred the next fiscal year beginning June 1(the current year): a. Provided delivery service to customers, who paid $12,390 in cash and owed $39,904 on account. b. Purchased new equipment costing $3,874; signed a long-term note. c. Paid $12,264 cash to rent equipment and aircraft, with $6,436 for rent this year and the rest for rent next year. d. Spent $1,304 cash to repair facilities and equipment during the year. e. Collected $37,485 from customers on account. f. Repaid $370 on a long-term note (ignore interest). 9. Issued 240 million additional shares of $0.10 par value stock for $38 (that's $38 million) h. Paid employees $14,776 for work during the year. 1. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $13,164 cash. j. Used $7,550 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $1,224 on accounts payable. 1. Ordered $132 in spare parts and supplies