The following transactions occur for Badger Biking Company during the month of June: 1. Purchase bicycle inventory for $80,000 on account. 2. Sell inventory costing $40,000 for $65,000 in cash. 3. Provide repair services to customers on account for $50,000. 4. Receive cash of $42,000 from customers in (3) above. 5. Purchase bike repair equipment by signing a note with the bank for $35,000. 6. Pay utilities of $5,000 for the current month. Record the transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field