As described in a recent annual report, WestJet Airlines provides quality travel services to many destinations in North America.

Required:
For each of the following accounts from WestJet€™s recent statement of financial position, complete the following chart by indicating whether the account is classified as a current asset (CA), a non-current asset (NCA), a current liability (CL), a non-current liability (NCL), or shareholders€™ equity (SE), and whether the account usually has a debit or a credit balance.

Transcribed Image Text:

Account Statement of Financial Position Classification Debit or Credit Balance 1. Advance ticket sales (deferred revenue) 2. Cash and cash equivalents 3. Contributed capital 4. Intangible assets 5. Inventory 6. Long-term borrowings 7. Prepayments 8. Property and equipment 9, Retained earnings 10. Trade payables 11. Trade receivables