_01 L03 Transaction Analysis, Journal Form, T Accounts, and Trial Balance 104 P4. Melvin Patel bid for and won a concession to rent bicycles in the local park during the summer. During the month of June, Patel completed the following transactions for his bicycle rental business: June 2 Began business by placing $7,200 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. June 5 Paid $2,900 in cash for a small shed to store the bicycles and to use for other operations. 8 Paid $400 in cash for shipping and installation costs considered an addition to the cost of the shed) to place the shed at the park 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 S100 fee for June to the Park District for the right to operate the bicycle concession. 27 Received $960 in cash for rentals. 29 Paid the assistant $240. 30 Made a cash withdrawal of $500. entrance. Required 1. Prepare entries to record these transactions in journal form. 2. Set up the following T accounts and post all the journal entries: Cash: Accounts Receivable; Supplies; Shed; Bicycles; Accounts Payable, M. Patel Capital; M. Patel, Withdrawals; Rental Revenue; Wages Expense; Mainte- nance Expense; Repair Expense; and Concession Fee Expense, 3. Prepare a trial balance for Patel Rentals as of June 30, 2011 Insight) 4. Compare and contrast how the issues of recognition, valuation, and classifi- cation are settled in the transactions of June 3 and 10. 3 LO4 Transaction Analysis, General Journal, Ledger Accounts, and Trial Balance 5 506 PS. Alpha Pro Company is a marketing firm. The company's trial balance on July 31, 2011, appears below