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When Delta Airlines sells tickets for future flights, it debits Cash and credits an account entitled Air Traffic Liability (Passenger Revenue Earned is recorded only

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When Delta Airlines sells tickets for future flights, it debits Cash and credits an account entitled Air Traffic Liability (Passenger Revenue Earned is recorded only when passengers are provided flight services) The Air Traffic Liability account, reported recently at approximately $4.9 billion, is among the largest liabilities appearing in the company's balance sheet Assume that, on a recent flight passengers of the airline used tickets that they had purchased in advance for $90.000 Record the entry Delta Airlines would make upon completion of this flight. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars not in billions) View transaction list Journal entry worksheet

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