Bob Reeves won a concession to rent bicycles in the local park during the summer in the month of May. Reeves completed the following transactions for his bicycle rental business May 3 Established the business by placing $14,000 in a business checking account. Purchased supplies on account for $300 7 Received $940 in cash for rentals during the first week of operatian 8 Purchased ten bicycles for $5,000 paying $2,400 down and agreeing to pay the rest in 30 days 10 Purchased a small shed to hold the bicycles and to use for other operations for $5,800 in cash. 11 Paid $800 in cash for shipping and installation costs (considered an addition to the cost of the shed) to place the shed at the park entrance 14 Received $1,000 in cash for rentals during the second week of operation. 15 Hired a part-time assistant to help out on weekends at $8 per hour 16 Paid a maintenance person $150 to clean the grounds Required: Prepare journal entries to record the above transactions -2