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[The following information applies to the questions displayed 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) Account Balance Account Balance Property and equipment (net) $ 14,094 Receivables $1,599 Retained earnings 9,806 Other current assets 889 Accounts payable 1,277 Cash 904 Prepaid expenses 118 Spare parts, supplies, and fuel 415 Accrued expenses payable 2,090 Other noncurrent liabilities 3,320 Long-tern notes payable 1,510 Other current liabilities 1,959 Other noncurrent assets 2,582 Additional Paid-in Capital Common stock ($0.10 par value) 2 637 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 $1,890 in cash and owed $25,104 on account b. Purchased new equipment costing $3,454; signed a long-term note c. Paid $8,064 cash to rent equipment and alrcroft, with $3,286 for rent this year and the rest for rent next year d. Spent $884 cash to repair facilities and equipment during the year. e. Collected $24.885 from customers on account 1. Repaid $160 on a long-term note (ignore Interest). 9. Issued 30 million additional shares of $0.10 par value stock for $17 (that's $17 million), h Paid employees $9,526 for work during the year. 1. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $6,864 cash, J. Used $6,500 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k Paid $804 on accounts payable 1. Ordered $90 in spare parts and supplies, Prov 1 2 3 4 of 4 !!! Next > Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars.) View transaction list Journal entry worksheet Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 Purchased new equipment costing $3,454; signed a long-term note. Note: Enter debits before credits General Journal Debit Credit Transaction b. Record entry Clear entry View general journal Prev CO 1 2 3 4 of 4 Next > Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars.) View transaction list Journal entry worksheet 1 2 4 5 6 7 8 12 Pald $8,064 cash to rent equipment and aircraft, with $3,286 for rent this year and the rest for rent next year. Note: Enter debits before credits General Journal Debit Credit Transaction c Record entry Clear entry View general Journal
Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars.) View transaction list Journal entry worksheet Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Enter amounts in millions, not dollars.) View transaction list Journal entry worksheet Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 12 Repaid $160 on a long-term note (ignore interest). Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Prev 1 2 3 4 of 4 !!! Next > Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars.) View transaction list Journal entry worksheet Required: 1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars.) View transaction list Journal entry worksheet Journal entry worksheet Purchased spare parts, supplies, and fuel for the aircraft and equipment for $6,864 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal CS 12 10 11 00 9 7
