The following accounts appeared in recent financial statements of Continental Airlines:Accounts...

Question

The following accounts appeared in recent financial statements of Continental Airlines:

Accounts Payable Flight Equipment
Air Traffic Liability Landing Fees
Aircraft Fuel Expense Passenger Revenue
Cargo and Mail Revenue Purchase Deposits for Flight Equipment
CommissionsSpare Parts and Supplies

Identify 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.

David · Accepted Answer

Accounts Payable Balance Sheet  Liability 
Flight Equipment Balance Sheet Asset 
Air Traffic Liability Balance Sheet Liability 
Landing Fees Income Statement Expenses 
Aircraft Fuel Expense Income Statement Expenses 
Passenger Revenue Income Statement Income 
Cargo and Mail Revenue Income Statement Income 
Purchase Deposits for Flight 
Equipment 
Balance Sheet Asset 
Commissions Income Statement Expenses 
Spare Parts and Supplies Balance Sheet Asset

The following accounts appeared in recent financial statements of Continental Airlines: Accounts Payable Flight Equipment Air Traffic Liability Landing Fees Aircraft Fuel Expense Passenger Revenue...

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment