Problem
Michael Anthony owns a business called "Michael Delivers", a home delivery business. The following transactions took place at "Michael Delivers" during June 2022:
2022
June 01 Michael deposited $50,000 cash into the business bank account to expand the business.
02 The business bought a new delivery vehicle for $20,000 paying a $5,000 deposit. The remainder will be paid over three months.
15 Paid vehicle expense of $2,000.
25 Michael took his mother for dinner and used cash from the business bank account to pay for the dinner. The total cost of the dinner was $225.
31 Recorded Services Income for the month of $10,000 of which $1,000 was received in cash.
Task
Based on the information provided, record the necessary journal entries in template provided. Journals need to be formatted correctly and include a narration (explanation) for each journal entry.