Question

PLEASE HELP DUE SOON

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 Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock $0.10 par value) Balance $ 15,494 11,206 1,417 188 Balance $1,949 959 1,044 Account Receivables Other current assets Cash Spare parts, supplies, and fuel Other noncurrent liabilities Other current liabilities Additional Paid-in Capital 557 2,230 1,650 2,792 4 3,530 2,099 847 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 $5,390 in cash and owed $28,704 on account. b. Purchased new equipment costing $3,594; signed a long-term note. c. Paid $9,464 cash to rent equipment and aircraft, with $4,336 for rent this year and the rest for rent next year. d. Spent $1,024 cash to repair facilities and equipment during the year. e. Collected $29,085 from customers on account. f. Repaid $230 on a long-term note (ignore interest). g. Issued 100 million additional shares of $0.10 par value stock for $24 (that's $24 million). h. Paid employees $11,276 for work during the year. 1. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $8,964 cash. j. Used $6,850 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $944 on accounts payable. 1. Ordered $104 in spare parts and supplies.

Answer 1

Cash Receivables 1044 5390 Beg. Balnce a)Delivery services E)Cash 19491 28704 29085 4336 5128 1024 closing Balance 1568) 30653 29085 30653 Beg. Balnce a)Delivery services c)Rent Expenses C)Prepaid Expenses d)repair expenses e)Accounts Receivable f)Long term note g)additional capital h)wages expenses i)spare parts k)accounts payable closing Balance 230 24 11276 8964 944 3641 35543 35543

Spare parts Supplies and Fuels Prepaid Expenses 557 Beg. Balnce C) cash 188 5128 8964 Beg. Balnce i)cash j)spare part expenses closing Balance 6850 2671 closing Balance 5316 5316 9521 9521 5316 Other Current Assets Property and Equipment. Beg. Balnce 959 Beg. Balnce b)Longterm notes Payable 15494 3594 closing Balance 959 959 959 closing Balance 19088 19088 19088 Other Noncurrent Assets Accounts Payable Beg. Balnce 2792 1417 Beg. Balnce k)cash closing Balance 944 473 1417 closing Balance 2792 1417 27921 27921

Accrued Expenses Payable Other Current Liabilities 2230 2099 Beg. Balnce closing Balance Beg. Balnce closing Balance 2099 2230 2230 2230 2099 2099 Long term notes payable Other Noncurrent Liabilities Beg. Balnce 3530 Beg. Balnce b)property and equipment f)cash 1650 3594 230 closing Balance 3530 3530 3530 closing Balance 5014 5244 5244 Common Stock Additional paid in capital Beg. Balnce 4 Beg. Balnce g)cash 847 24(million) closing Balance 4 closing Balance 871

Retained Earnings Delivery Service Revenue Beg. Balnce 11206 a)Cash a)accounts receivable 5390 28704 closing Balance 11206 closing Balance 34094 11206 11206 34094 34094 Rent Expenses Repair Expenses c) Cash 4336 d)cash 1024 closing Balance 4336 4336 closing Balance 1024 4336) 1024 1024

Wages Expenses Spare parts supplies and fuel Expenses h)cash 11276 j)spare parts 6850 closing Balance closing Balance 11276 11276 6850 6850 11276 6850 NOTE: No journal entry required for (1) ordered spare parts