Identify it as an asset a liability or stockholders equity

Assignment Help Accounting Basics

Reference no: EM131527439

Question: For each account listed in Exercise, indicate whether its normal balance is a debit or a credit.

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

Accounts Payable Flight Equipment

Aircraft Fuel Expense Landing Fees

Air Traffic Liability Passenger Revenue

Cargo and Mail Revenue Purchase Deposits for Flight Equipment

Commissions 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 stockholders' equity. For each income statement account, identify it as a revenue or an expense.

Reference no: EM131527439

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Identify each account as a balance sheet account : The following accounts appeared in recent financial statements of Continental Airlines.

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