chapter 2

EX2-1

OBJ.1 Describe the characteristics of an account and a chart of accounts. The following accounts appeared in recent financial statement of Delta Air Lines

accounts payable

accounts receivable

accrued salaries

aircraft fuel

aircraft maintenance

aircraft rent

air traffic liability

cargo revenue

cash

fuel inventory

landing fees

loyalty program

parts and supplies

passenger commissions

passenger revenue

prepaid expenses

property and equipment

regional carriers expense

identify each accounts 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.