Following are account balances (in millions of dollars) from a recent FedEx 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) $ 13,894 Receivables $ 1,549 Retained earnings 9,606 Other current assets 879 Accounts payable 1,257 Cash 884 Prepaid expenses 108 Spare parts, supplies, and fuel 394 Accrued expenses payable 2,070 Other noncurrent liabilities 3,290 Long term notes payable 1,490 Other current liabilities 1,939 Other noncurrent assets 2,552 Additional Paid in Capital 607 Common stock ($0 10 par value) 1 These accounts 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 year) Provided delivery service to customers, who paid $1,390 in cash and owed $24,704 on account Purchased new equipment costing $3,434 signed a long term note Paid $7,864 cash to rent equipment and aircraft, with $3,136 for rent this year and the rest for rent next year Spent $864 cash to repair facilities and equipment during the year Collected $24,285 from customers on account Repaid $150 on a long term note (ignore interest) Issued 20 million additional shares of $0 10 par value stock for $16 (thats $16 million) Paid employees $9,276 for work during the year Purchased spare parts, supplies, and fuel for the aircraft and equipment for $6,564 cash Used $6,450 in spare parts, supplies, and fuel for the aircraft and equipment during the year Paid $784 on accounts payable Ordered $88 in spare parts and supplies Prepare journal entries for each transaction and prepare T accounts for the current year from the preceding list enter the ending balances from May 31 as the respective beginning balances for June 1 of the current year Label each using the letter of the transaction

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Following are account balances (in millions of dollars) from a recent FedEx annual report, followed by several typical transactions. Assume that the following are account

Following are account balances (in millions of dollars) from a recent FedEx 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)	$	13,894	Receivables	$	1,549
Retained earnings		9,606	Other current assets		879
Accounts payable		1,257	Cash		884
Prepaid expenses		108	Spare parts, supplies, and fuel		394
Accrued expenses payable		2,070	Other noncurrent liabilities		3,290
Long-term notes payable		1,490	Other current liabilities		1,939
Other noncurrent assets		2,552	Additional Paid-in Capital		607
Common stock ($0.10 par value)		1

These accounts 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 year):

Provided delivery service to customers, who paid $1,390 in cash and owed $24,704 on account.
Purchased new equipment costing $3,434; signed a long-term note.
Paid $7,864 cash to rent equipment and aircraft, with $3,136 for rent this year and the rest for rent next year.
Spent $864 cash to repair facilities and equipment during the year.
Collected $24,285 from customers on account.
Repaid $150 on a long-term note (ignore interest).
Issued 20 million additional shares of $0.10 par value stock for $16 (thats $16 million).
Paid employees $9,276 for work during the year.
Purchased spare parts, supplies, and fuel for the aircraft and equipment for $6,564 cash.
Used $6,450 in spare parts, supplies, and fuel for the aircraft and equipment during the year.
Paid $784 on accounts payable.
Ordered $88 in spare parts and supplies.

Prepare journal entries for each transaction and prepare T-accounts for the current year from the preceding list; enter the ending balances from May 31 as the respective beginning balances for June 1 of the current year. Label each using the letter of the transaction.