Refer to the financial information in E1.15 for Atlantic Cruise Co. at May 31, 2021.

Instructions

Prepare the balance sheet.

E1.15

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Accounts payable Accounts receivable Advertising expense Building Interest expense Investments by owner Maintenance expense Notes payable Other expenses Prepaid insurance Revenue Salaries expense Supplies $ 47,750 42,950 3,640 122,570 20,080 553,300 311,182 33,950 2,566 $ 20,960 5,847 82,870 379,000 Cash Equipment I. Temelkova, capital, June 1, 2020 I. Temelkova, drawings Insurance expense 1,283 350,640 126,950