If I pay for an airline ticket 3 months before the flight takes off, this is considered as a liability by the airline company, but an asset in my books.* True False When a company purchases a piece of equipment, it is recorded as an Asset and the cost of this equipment is allocated to expense throughout its useful life through a process called Depreciation.* True False The primary way of posting a transaction to the ledger is to examine source documents and determine the effect on accounts." True False