Required information P3-6 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement, and Evaluating the Net Profit Margin Ratio LO3-4, 3-5, 3-6 [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): 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): a. Provided delivery service to customers, who paid $2,890 in cash and owed $25,904 on account. b. Purchased new equipment costing $3,494; signed a long-term note. c. Paid $8,464 cash to rent equipment and aircraft, with $3,586 for rent this year and the rest for rent next year. d. Spent $924 cash to repair facilities and equipment during the year. e. Collected $26,085 from customers on account. f. Repaid $180 on a long-term note (ignore interest). g. Issued 50 million additional shares of $0.10 par value stock for $19 (that's $19 million). h. Paid employees $10,026 for work during the year. i. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $7,464 cash. j. Used $6,600 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $844 on accounts payable. 1. Ordered $94 in spare parts and supplies. P3-6 Part 1 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.)