Question

1. The following An accounting form that is used to record the increases and decreases in each financial statement item.accounts appeared in recent financial statements of Delta Air Lines. Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an The resources owned by a business.asset, a The rights of creditors that represent debts of the business.liability, or The owner's right to the assets of the business.stockholders' equity. For each income statement account, identify it as a Increases in owner's equity as a result of selling services or products to customers.revenue or an Assets used up or services consumed in the process of generating revenues.expense.

   Item	Financial Statement	Type of Account
   Accounts Payable	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Advanced Payments for Equipment	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Air Traffic Liability	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Aircraft Fuel (Expense)	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Aircraft Maintenance (Expense)	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Aircraft Rent (Expense)	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Cargo Revenue	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Cash	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Contract Carrier Arrangements (Expense)	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Flight Equipment	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Frequent Flyer (Obligations)	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Fuel Inventory	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Landing Fees (Expense)	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Parts and Supplies Inventories	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Passenger Commissions (Expense)	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Passenger Revenue	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Prepaid Expenses	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue Expense
   Taxes Payable	Balance Sheet Income Statement	Asset Liability Stockholders' equity Revenue

Answer 1

--Requirement, as asked

Item	Financial Statement	Type of Account
Accounts Payable	Balance Sheet	Liability
Advanced Payments for Equipment	Balance Sheet	Asset
Air Traffic Liability	Balance Sheet	Liability
Aircraft Fuel (Expense)	Income Statement	Expense
Aircraft Maintenance (Expense)	Income Statement	Expense
Aircraft Rent (Expense)	Income Statement	Expense
Cargo Revenue	Income Statement	Revenue
Cash	Balance Sheet	Asset
Contract Carrier Arrangements (Expense)	Income Statement	Expense
Flight Equipment	Balance Sheet	Asset
Frequent Flyer (Obligations)	Balance Sheet	Liability
Fuel Inventory	Balance Sheet	Asset
Landing Fees (Expense)	Income Statement	Expense
Parts and Supplies Inventories	Balance Sheet	Asset
Passenger Commissions (Expense)	Income Statement	Expense
Passenger Revenue	Income Statement	Revenue
Prepaid Expenses	Income Statement	Asset
Taxes Payable	Balance Sheet	Liability