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.
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.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 1E
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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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