Accounts Payable Flight Equipment
Air Traffic Liability Landing Fees (Expense)
Aircraft Fuel Expense Passenger Revenue
Cargo and Mail Revenue Purchase Deposits for Flight Equipment
Commissions (Expense) Spare 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.
Answer:
Balance Sheet Accounts Income Statement Accounts Assets Revenue Flight Equipment Cargo and Mail Revenue Purchase Deposits for Flight Equipmenta Passenger Revenue Spare Parts and Supplies Liabilities Expenses Accounts Payable Aircraft Fuel Expense Air Traffic Liabilityb Commissions (Expense)c Landing Fees (Expense)d
None
Owner’s Equity
a Advance payments (deposits) on aircraft to be delivered in the future b Passenger ticket sales not yet recognized as revenue c Commissions paid to travel agents d Fees paid to airports for landing rights