Speedy is a worldwide leader in the design, marketing, and distribution of athletic and sports inspired footwear, apparel, equipment, and accessories. The company's May 31, 2011 balance sheet included the following ($ in millions): (Click the icon to view the information.) Suppose that during the fiscal year ended May 31, 2011, $368 million in cash was disbursed and charged to Prepaid Expenses. Similarly, $144 million was disbursed for income taxes and charged to Income Taxes Payable. Read the requirements. 1. Assume that the Prepaid Expenses account relates to outlays for miscellaneous operating expenses, for example, supplies, insurance, and short-term rentals. Prepare summary journal entries for (a) the disbursements and (b) the expenses for fiscal 2011. 2. Assume that there were no other accounts related to income taxes. Prepare summary journal entries for (a) the disbursements and (b) the expenses for fiscal 2011 (Enter dollar amounts in millions. Record debits first, then credits. Explanations are not required.) May 31 2011 2010 595 878 Prepaid expenses Income taxes payable 118 59 Requirement 1. Assume that the Prepaid Expenses account relates to outlays for miscellaneous operating expenses, for example, supplies, insurance, and short-term rentals. Prepare summary journal entries for (a) the disbursements and (b) the expenses for fiscal 2011 Start by preparing the journal entry for (a) the disbursements for fiscal 2011 Accounts Debit Credit a. Now prepare the journal entry for (b) the expenses for fiscal 2011 Accounts Debit Credit b. Requirement 2. Assume that there were no other accounts related to income taxes. Prepare summary journal entries for (a) the disbursements and (b) the expenses for fiscal 2011. Start by preparing the journal entry for (a) the disbursements for fiscal 2011 Accounts Debit Credit a. Now prepare the journal entry for (b) the expenses for fiscal 2011 Accounts Debit Credit b