The following accounts appeared in recent financial statements of Delta Air Lines. 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 owner's equity. For each income statement account, identify it as a revenue or an expense.

Item Financial Statement Type of Account
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 Commissions (Expense)
Passenger Revenue
Prepaid Expenses
Taxes Payable

I have attached a spreadsheet showing the items as contained in the questions alongside type of account as well as the financial statement for each of the transactions.

For instance frequent flyer(obligations) is a liability in the balance sheet.

Explanation:

Assets refer to resources owned by Delta Airlines from which future benefits are expected to accrue to the entity.For instance,aircraft is an asset because by conveying passengers benefits in terms of cash flows will accrue to the airline.

Liability refers obligations that the company needs to discharge.

Income refers to inflow of economic benefits into the business.

Expense is the outflow economic benefits from the company

Parrain Parrain · Answer 2 · 2022-01-25T13:43:57+01:00

The classification of these is based on the expenses making the company incur costs and revenue bringing money into the company.

Classification of Entries

Item Financial Statement Account type

Accounts Payable Balance sheet Liability

Advanced Payments Balance sheet Asset

Air Traffic Liability Balance sheet Liability

Aircraft Fuel (Expense) Income statement Expense

Aircraft Maintenance Income statement Expense

Aircraft Rent (Expense) Income statement Expense

Cargo Revenue Income statement Revenue

Cash Balance sheet Asset

Contract Carrier Income statement Expense

Flight Equipment Balance Sheet Asset

Frequent Flyer (Obligations) Balance sheet Liability

Fuel Inventory Balance sheet Asset

Landing Fees (Expense) Income statement Expense

Parts and Supplies Balance sheet Assets

Passenger Income statement Expense

Passenger Revenue Income statement Revenue

Prepaid Expenses Balance sheet Asset

Taxes Payable Balance sheet Liability

In conclusion, the various transactions and accounts fit in different statements.

Find out more about the income statement at https://brainly.com/question/24470417.