Exercises 1. Identify each of the following Delta Air Lines 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 stockholders' equity. For each income statement account, identify it as a revenue or an expense. Financial Statement Balanc Account Type liability Account Name Accounts Payable Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent (Expense) Cargo Revenue Cash Contract Carrier Arrangements (Expense) Flight Equipment Frequent Flyer (Obligations) Fuel Inventory Landing Fees (Expense) Parts and Supplies Inventories Passenger Revenue Prepaid Expenses Taxes Payable