Question

Saved Help Save 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): Ch 4 Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-tern notes payable other noncurrent assets Common stock ($0.10 par value) Balance Account $ 18,294 Receivables 14,006 Other current assets 1.697 Cash 328 Spare parts, supplies, and fuel 2,510 Other noncurrent liabilities 1,930 Other current liabilities 3,212 Additional Paid-in Capital Balance $ 2,649 1,099 1,324 3,950 2,379 1,267 These accounts are not necessarily in good order and have normal debitor credit balances. Assume the following transactions in millions, except for par value) occurred the next fiscal year beginning June 1 (the current year) ces a. Provided delivery service to customers, who paid $12,390 in cash and owed $39,904 on account b. Purchased new equipment costing $3,874; signed a long-term note. c. Paid $12,264 cash to rent equipment and aircraft, with $6,436 for rent this year and the rest for rent next year. d. Spent $1,304 cash to repair facilities and equipment during the year. e. Collected $37,485 from customers on account. f. Repaid $370 on a long-term note (ignore interest) 9. Issued 240 million additional shares of $0.10 par value stock for $38 (that's $38 million). h. Paid employees $14,776 for work during the year. i. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $13,164 cash. J. Used $7,550 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $1,224 on accounts payable. 1. Ordered $132 in spare parts and supplies. 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.) < Prev 6 7 8 9 of 9 ! Next >

Answer 1

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	StateEx
	Journal Entries
Event	Account	Debit $' Millions	Credit $' Millions
a.	Cash	12,390.00
	Accounts Receivable	39,904.00
	Service Revenue		52,294.00
b.	Equipment	3,874.00
	Note Payable		3,874.00
c.	Rent Expense	6,436.00
	Prepaid Rent	5,828.00
	Cash		12,264.00
d.	Repairs Expense	1,304.00
	Cash		1,304.00
e.	Cash	37,485.00
	Accounts Receivable		37,485.00
f.	Note Payable	370.00
	Cash		370.00
g.	Cash	38.00
	Common Stock		24.00
	Paid in capital in excess of Par		14.00
h.	Salaries Expense	14,776.00
	Cash		14,776.00
i.	Stores & Spares Supplies	13,164.00
	Cash		13,164.00
j.	Stores & Spares Supplies Expense	7,550.00
	Stores & Spares Supplies		7,550.00
k.	Accounts Payable	1,224.00
	Cash		1,224.00
l.	Stores & Spares Supplies	132.00
	Accounts Payable		132.00