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):

1. Provided delivery service to customers, who paid $1,390 in cash and owed $24,704 on account.

2. Purchased new equipment costing $3,434; signed a long-term note.

3. Paid $7,864 cash to rent equipment and aircraft, with $3,136 for rent this year and the rest for rent next year.

4. Spent $864 cash to repair facilities and equipment during the year.

5. Collected $24,285 from customers on account.

6. Repaid $150 on a long-term note (ignore interest).

7. Issued 20 million additional shares of $0.10 par value stock for $16 (thats $16 million).

8. Paid employees $9,276 for work during the year.

9. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $6,564 cash.

10. Used $6,450 in spare parts, supplies, and fuel for the aircraft and equipment during the year.

11. Paid $784 on accounts payable.

12. 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.