Required information [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 $16,494 12,206 Account Balance Property and equipment (net) Receivables $2,199 Retained earnings Accounts payable 1,517 Other current assets Cash 1,009 1,144 Prepaid expenses 238 Spare parts, supplies, and fuel 657 Accrued expenses payable 2,330 Other noncurrent liabilities 3,680 Long-term notes payable 1,750 Other current liabilities 2,199 Other noncurrent assets 2,942 Additional Paid-in Capital 997 Common stock ($0.10 par value) 4 Check my work 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 $7,890 in cash and owed $32,704 on account. h Durchsend now an inmant coction $3601 sinned a long-term nota Other noncurrent assets Common stock ($0.10 par value) 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 $7,890 in cash and owed $32,704 on account. b. Purchased new equipment costing $3,694; signed a long-term note. c. Paid $10,464 cash to rent equipment and aircraft, with $5,086 for rent this year and the rest for rent next year. d. Spent $1,124 cash to repair facilities and equipment during the year. e. Collected $32,085 from customers on account. f. Repaid $280 on a long-term note (ignore interest). g. Issued 150 million additional shares of $0.10 par value stock for $29 (that's $29 million). h. Paid employees $12,526 for work during the year. i. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $10,464 cash. j. Used $7,100 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $1,044 on accounts payable. 1. Ordered $114 in spare parts and supplies. 5 Required information 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 1 Provided delivery service to customers, who paid $7,890 in cash and owed $32,704 on account. 2 Purchased new equipment costing $3,694; signed a long- term note. 3 Paid $10,464 cash to rent equipment and aircraft, with $5,086 for rent this year and the rest for rent next year. x 12 pwed Required information 1 Provided delivery service to customers, who paid $7,890 in cash and owed $32,704 on account. 12 pwed 2 Purchased new equipment costing $3,694; signed a long- term note. 3 Paid $10,464 cash to rent equipment and aircraft, with $5,086 for rent this year and the rest for rent next year. 4 Spent $1,124 cash to repair facilities and equipment during the year. 5 Collected $32,085 from customers on account. 6 Repaid $280 on a long-term note (ignore interest). journal entry has been entered Note: ' Credit Journal entry worksheet 2 3 4 5 6 7 8 12 Provided delivery service to customers, who paid $7,890 in cash and owed $32,704 on account. Note: Enter debits before credits. Transaction a. General Journal Debit Credit