[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 Property and equipment (set) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other soncurrent assets Common stock (50.10 par value) Balance Account $16,854 Receivables Balance $2,299 12,606 1,557 Other current assets Cash 1,029 1,184 258 2,370 Spare parts, supplies, and fuel Other noncurrent liabilities 1,790 Other current liabilities 3,002 Additional Paid-in Capital 3,740 2,239 1,057 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): a. Provided delivery service to customers, who paid $8,890 in cash and owed $34,304 on account. b. Purchased new equipment costing $3,734; signed a long-term note. c. Paid $10,864 cash to rent equipment and aircraft, with $5,386 for rent this year and the rest for rent next year. d. Spent $1,164 cash to repair facilities and equipment during the year. e. Collected $33,285 from customers on account. Repaid $300 on a long-term note (ignore interest). g. Issued 170 million additional shares of $0.10 par value stock for $31 (that's $31 million). h. Paid employees $13,026 for work during the year. L Purchased spare parts, supplies, and fuel for the aircraft and equipment for $11,064 cash. Used $7,200 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $1,084 on accounts payable. L Ordered $118 in spare parts and supplies. P3-6 Part 2 2. 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. For each transaction, record the current year's transaction effects in the T-accounts. Label each using the letter of the transaction. (Enter your answers in millions, not in dollars.) Beg bal End. bal. Cash Beg bal Receivables End. bal. 0 Spare Parts, Supplies, and Fuel Prepaid Expenses Beg bal Beg bal End. bal. End. bal. Other Current Assets Property and Equipment (net) Beg bal Beg bal End. bal. End. bal. Other Noncurrent Assets Accounts Payable Beg bal Beg bal End. bal. End. bal. Accrued Expenses Payable Other Current Liabilities Beg bal Beg bal End. bal. End. bal. Long-Term Notes Payable Other Noncurrent Liabilities Beg bal Beg bal End. bal. End. bal. Common Stock Additional Paid-in Capital Beg bal Beg bal End. bal. End. bal. Retained Earnings Delivery Service Revenue Beg bal Beg bal End. bal. End. bal. Rent Expense Repair Expense Beg bal Beg bal End. bal. End. bal. Wage Expense Spare Parts, Supplies, and Fuel Expense Beg bal Beg bal End. bal. End. bal.