Melvin Patel bid for and won a concession to rent bicycles in the local park during the su mmer. During the month of June, Patel completed the following transactions for his bic ycle rental business: June 2 Began business by placing $72,000 in a business checking account in the name of the company. 3. Purchased supplies on account for $150. 4 Purchased 10 bicycles for $2,500, paying $1,200 down and agreeing to pay the rest in 30 days. 5 Paid $2,900 in cash for a small shed to store the bicycles and to use for other operatio ns. 8 Paid $400 in cash for shipping and installation costs (considered an addition to the co st of the shed) to place the shed at the park entrance. 9 Hired a part-time assistant to help out on weekends at $7 per hour. 10 Paid a maintenance person $75 to clean the grounds. 13 Received $970 in cash for rentals. 17 Paid $150 for the supplies purchased on June 3. 18 Paid a $55 repair bill on bicycles. 23 Billed a company $110 for bicycle rentals for an employee outing. 25 Paid the $100 fee for June to the Park District for the right to operate the bicycle con cession. 27 Received $960 in cash for rentals. 29 Paid the assistant $240. 30 Made cash withdrawal of $500 Required: 1. Joumalize the business transactions 2. Post the business transactions 3. Prepare trail balance 4. Prepare financial statements 5. Prepare closing entries