On July 1, Youssef established a car repairing company called COVID. To start the business, Youssef deposits $25,000 in a bank account in the name of COVID on July 2.

During July the following transactions occurred:

Jul.5 Purchased equipment for $30,000, paying $20,000 in cash and the remaining amount will be paid after two weeks..

July 10 purchased supplies on account for $1,350.

July 11 Paid Creditors on account $400.

July 18 received $7,500 for services provided to customers for cash.

July 30 Paid expenses as follows: wages, $3,000 and rent, $650.

July 30 purchased furniture for $550 cash.

July 30 Youssef withdrew $3,000 cash for personal use.

Required

1. Prepare journal entries for the above transactions. Omit Explanation. (18 marks)
2. What is the balance of Cash account at the end of July? , Is it Debit or Credit? (7 marks)