West Coast Dance Studio Inc. is a busy and thriving business in downtown Vancouver teaching ballet, jazz, hip hop, and other forms of modern dance to people of all ages. You are the accountant for the business, and the President, Mike Inge, has provided you with the above trial balance showing the summary of all transactions that took place during the year. Mike has asked you to help him adjust for the following additional transactions. 1. On May 31, West Coast deposited $2,300 in fees received for the summer dance camp program. This deposit was not recorded until June 1 by the bank and by West Coast. West Coast is wondering if any adjustment is required as the bookkeeper typically records the deposits when they appear on the bank statement. 2. The allowance for doubtful accounts is the amount you set up last year. This year, West Coast has determined that the appropriate amount should be $1,500. 3. The insurance bill paid during the year was $6,600. This covers the period from September 1, 2022 to August 31, 2023. The prepaid insurance balance of $8,100 represents three months' prepayment of the previous year's insurance bill and the $6,600 insurance premium paid for the current year. 4. You have discussed your fee with West Coast, and you have agreed that the fee to prepare the year-end financial statements will be $2,500. West Coast has not allowed for this as part of their accounts payable of $5,000. 5. West Coast has prepared a list of supplies on hand at year end, totalling $2,200. 6. Depreciation on the building, purchased on June 1, 2021, is based on a 10-year life and a residual value of $50,000. Deprecation on the building is calculated using the straight- line method. Depreciation on the equipment is calculated using the declining balance method at 10% per year. There is no anticipated residual value on the equipment. There were no additions or sales relating to the building or equipment in the current year. West Coast has not recorded depreciation for the current year. 7. At year end, there is one month's interest outstanding on the mortgage, at 5% per annum. Instructions A. Prepare the necessary adjusting entries for items 1 through 7 needed for the May 31, 2023 financial statements. B. Prepare the revised trial balance. (Note: You may find it necessary to add accounts to the trial balance.) C. Prepare a statement of income for the year ended May 31, 2023. Ignore income taxes. D. Prepare the necessary closing entries for the year ended May 31, 2023. The dividends represent dividends declared and paid by the company in May 2023.