Response to the following problem:
The following accounts appeared in recent financial statements of Delta Air Lines:
Accounts Payable Flight Equipment Advanced Payments for Equipment Frequent Flyer (Obligations) Air Traffic Liability Fuel Inventory
Aircraft Fuel (Expense)
Landing Fees (Expense)
Aircraft Maintenance (Expense)
Parts and Supplies Inventories
Aircraft Rent (Expense)
Passenger Commissions (Expense)
Cargo Revenue Passenger Revenue
Cash Prepaid Expenses
Contract Carrier Arrangements (Expense) Taxes Payable
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.