Chart of accountsThe following accounts appeared in recent financial statements of DeltaAir Lines: Accounts PayableAdvanced Payments for EquipmentAircraft Fuel (Expense)Aircraft Maintenance (Expense)Aircraft Rent (Expense)Cargo RevenueCashContract Carrier Arrangements (Expense) Flight EquipmentFrequent Flyer (Obligations)Fuel InventoryLanding Fees (Expense)Parts and SuppliesPassenger Commissions(Expense)Passenger RevenuePrepaid ExpensesTaxes Payable Identify each account as either a balance sheet account or an incomestatement account. For each balance sheet account, identify it as anasset, a liability, or owner's equity. For each income statement account,identify it as a revenue or an expense.
Chart of accountsThe following accounts appeared in recent financial statements of DeltaAir Lines: Accounts PayableAdvanced Payments for EquipmentAircraft Fuel (Expense)Aircraft Maintenance (Expense)Aircraft Rent (Expense)Cargo RevenueCashContract Carrier Arrangements (Expense) Flight EquipmentFrequent Flyer (Obligations)Fuel InventoryLanding Fees (Expense)Parts and SuppliesPassenger Commissions(Expense)Passenger RevenuePrepaid ExpensesTaxes Payable Identify each account as either a balance sheet account or an incomestatement account. For each balance sheet account, identify it as anasset, a liability, or owner's equity. For each income statement account,identify it as a revenue or an expense.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chart of accounts
The following accounts appeared in recent financial statements of Delta
Air Lines:
| Accounts Payable Advanced Payments for Equipment Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent (Expense) Cargo Revenue Cash Contract Carrier Arrangements (Expense) |
Flight Equipment Frequent Flyer (Obligations) Fuel Inventory Landing Fees (Expense) Parts and Supplies Passenger Commissions(Expense) Passenger Revenue Prepaid Expenses Taxes Payable |
Identify each account as either a
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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