ollowing are account balances (in millions of dollars) from arecent FedEx annual report, followed by several typicaltransactions. Assume that the following are account balances on May31 (end of the prior fiscal year):

Account	Balance			Account	Balance
Property and equipment (net)	$	19,343		Receivables	$	5,531
Retained earnings		16,516		Other current assets		800
Accounts payable		2,082		Cash		2,708
Prepaid expenses		519		Spare parts, supplies, and fuel		836
Accrued expenses payable		2,274		Other noncurrent liabilities		6,186
Long-term notes payable		2,047		Other current liabilities		1,666
Other noncurrent assets		4,127		Additional Paid-in Capital		3,042
Common stock ($0.10 par value)		51

These accounts are not necessarily in good order and have normaldebit or credit balances. Assume the following transactions (inmillions) occurred the next fiscal year beginning June 1 (thecurrent year):

a. Provided delivery service to customers, receiving $31,204 inaccounts receivable and $25,200 in cash.

b. Purchased new equipment costing $3,814; signed a long-termnote.

c. Paid $17,664 cash to rent equipment and aircraft, with$12,986 for rental this year and the rest for rental next year.

d. Spent $4,244 cash to maintain and repair facilities andequipment during the year.

e. Collected $35,685 from customers on account.

f. Repaid $540 on a long-term note (ignore interest).

g. Issued 210 shares of additional stock for $35.

h. Paid employees $20,026 during the year.

i. Purchased for cash and used $14,264 in fuel for the aircraftand equipment during the year.

j. Paid $1,164 on accounts payable.

k. Ordered $126 in spare parts and supplies.

1. & 2. Prepare T-accounts for May 31 ofthe current year from the preceding list; enter the respectivebeginning balances. For each transaction, record the current year'stransaction effects in the T-accounts. Label each using the letterof the transaction. Compute ending balances. (Enter youranswers in millions, not in dollars.)