Chart of accounts OBJ. 1 The following accounts appeared in recent financial statements of Delta Air Lines:

Accounts Payable Flight Equipment Advanced Payments for Equipment Frequent Flyer (Obligations)

Air Traffic Liability Fuel Inventory Aircraft Fuel (Expense) Landing Fees (Expense)

Aircraft Maintenance (Expense) Parts and Supplies Inventories Aircraft Rent (Expense) Passenger Commissions (Expense)

Cargo Revenue Passenger Revenue Cash Prepaid Expenses Contract Carrier Arrangements (Expense) Taxes Payable 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.