For the records, I did book directly through FlyI's website.
As far as the accounting aspect, the following journal entry would take place on FlyI's books when the flight is booked:
Cash or A/R xx
Unearned Revenue xx
Once the service has been rendered the adjusting journal entry would be:
Unearned Revenue xx
Operating Revenue xx
So yes, they would report the cash or A/R on their books (both current assets).
On a final note, when I canceled my flight I asked to be transferred to the Washington headquarters. The customer service rep was extremely rude and exclaimed it would be a 25-30 minute wait...I said that I was willing to wait. Within two minutes I had a rep on the phone. Just another prime example of FlyI's consideration for their customers.
Not all is bad at FlyI...I must say that every rep I spoke with out of the Washington headquarters was extremely professional in dealing with the entire situation.
Still not enough to ever make me or the others on the original flight willing to try Independence Air for any future flights.