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

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

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