Problem #$1$

On July $1,2020,$ Arabi Sheikh established an interior decorating business. During the month,

Arabi Sheikh completed the following transactions related to the business:

July $1$: Arabi transferred cash from his personal account and invested it for business use, $$25000.$

July $10$: Purchased a truck for $$14500,$ paying $$7600$ cash and the remainder will be paid in the

future.

July $12$: Paid annual premiums on property and casualty insurance $($advance$),$ $$2640.$

July $17$: Paid creditor a portion of the amount owed for truck purchased on July $10,$ $$4810.$

July $20$: Completed services on account and billed the customer, $$7080$

July $25$: Received cash from customers on account, $$3430.$

July $31$: Paid salaries expense of $$460$ and utilities expense of $$350.$

$($a$)$ Journalize the above transactions for the month of July

$($b$)$ Prepare ledger accounts in running balance format

$($c$)$ Prepare trial balance at $31$ July $2020$