The following accounts appeared in recent financial statementsof Continental Airlines:Accounts Payable Flight EquipmentAir Traffic Liability Landing FeesAircraft Fuel Expense Passenger RevenueCargo and Mail Revenue Purchase Deposits for Flight EquipmentCommissionsSpare Parts and SuppliesIdentify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or owner’s equity. For each income statement account, identify it as a revenue or an expense.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is