Question: For each account listed in Exercise, indicate whether its normal balance is a debit or a credit.
Exercise: The following accounts appeared in recent financial statements of Continental Airlines:
Accounts Payable Flight Equipment
Aircraft Fuel Expense Landing Fees
Air Traffic Liability Passenger Revenue
Cargo and Mail Revenue Purchase Deposits for Flight Equipment
Commissions 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 stockholders' equity. For each income statement account, identify it as a revenue or an expense.