EX 2-1 Chart of accounts

The following accounts appeared in recent financial statements of Continental Airlines:
Accounts Payable
Flight Equipment
Air Traffic Liability
Landing Fees (Expense)
Aircraft Fuel Expense
Passenger Revenue
Cargo and Mail Revenue
Purchase Deposits for Flight Equipment
Commissions (Expense)
Spare Parts and Supplies
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.

Answer
Balance Sheet Accounts
Assets
-Flight Equipment
-Purchase Deposits for Flight Equipment
-Spare Parts and Supplies

Liabilities
-Accounts Payable
-Air Traffic Liability

Owner's Equity
None

Income Statement Accounts
Revenue
-Cargo and Mail Revenue
-Passenger Revenue

Expenses
-Aircraft Fuel Expense
-Commissions
-Landing Fees