To balance the chemical equation involving the reaction of iron oxide (FexOy) with sulfuric acid (H₂SO₄) to produce iron(III) sulfate (Fe₂(SO₄)₃), water (H₂O), and sulfur dioxide (SO₂), we need to determine the correct stoichiometric coefficients for each compound.

First, let's identify the possible iron oxide. Common iron oxides include FeO, Fe₂O₃, and Fe₃O₄. For simplicity, let's assume Fe₂O₃ (ferric oxide) is the iron oxide in this reaction. The unbalanced equation is:

\[ \text{Fe}_2\text{O}_3 + \text{H}_2\text{SO}_4 \rightarrow \text{Fe}_2(\text{SO}_4)_3 + \text{H}_2\text{O} + \text{SO}_2 \]

Now, let's balance the equation step-by-step:

1. **Balance the iron (Fe) atoms:**
- There are 2 Fe atoms on both sides of the equation, so iron is already balanced.

2. **Balance the sulfur (S) atoms:**
- On the left side, we have sulfur in H₂SO₄. On the right side, sulfur is in Fe₂(SO₄)₃ and SO₂.
- Fe₂(SO₄)₃ contains 3 sulfate ions, each with 1 sulfur atom, so there are 3 sulfur atoms in Fe₂(SO₄)₃.
- SO₂ contains 1 sulfur atom.
- Therefore, we need a total of 4 sulfur atoms on the left side.
- To get 4 sulfur atoms from H₂SO₄, we need 4 molecules of H₂SO₄.

3. **Balance the oxygen (O) atoms:**
- On the left side, we have:
- Fe₂O₃: 3 oxygen atoms
- 4 H₂SO₄: 4 × 4 = 16 oxygen atoms
- Total: 3 + 16 = 19 oxygen atoms
- On the right side, we have:
- Fe₂(SO₄)₃: 3 × 4 = 12 oxygen atoms
- H₂O: 1 oxygen atom
- SO₂: 2 oxygen atoms
- Total: 12 + 1 + 2 = 15 oxygen atoms
- To balance the oxygen atoms, we need to adjust the number of water molecules.

4. **Balance the hydrogen (H) atoms:**
- On the left side, we have 4 H₂SO₄, which gives us 4 × 2 = 8 hydrogen atoms.
- On the right side, we need 8 hydrogen atoms in water molecules, so we need 4 H₂O molecules.

Now, let's write the balanced equation:

\[ \text{Fe}_2\text{O}_3 + 4 \text{H}_2\text{SO}_4 \rightarrow \text{Fe}_2(\text{SO}_4)_3 + 4 \text{H}_2\text{O} + \text{SO}_2 \]

Finally, let's verify the balance:

- **Iron (Fe):** 2 Fe on both sides.
- **Sulfur (S):** 4 S on both sides (3 in Fe₂(SO₄)₃ and 1 in SO₂).
- **Oxygen (O):** 19 O on both sides (12 in Fe₂(SO₄)₃, 4 in H₂O, and 2 in SO₂).
- **Hydrogen (H):** 8 H on both sides (4 H₂O).

The balanced equation is:

\[ \text{Fe}_2\text{O}_3 + 4 \text{H}_2\text{SO}_4 \rightarrow \text{Fe}_2(\text{SO}_4)_3 + 4 \text{H}_2\text{O} + \text{SO}_2 \]