The following transactions occurred during the month of June 2013 for the Stridewell Corporation. The company owns and operates a retail shoe store. a. Issued 100,000 shares of common stock in exchange for $500,000 cash. b. Purchased furniture and fixtures at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed. c. Purchased inventory on account at a cost of $200,000. The company uses the perpetual inventory system. d. Credit sales for the month totaled $280,000. The cost of the goods sold was $140,000.e. Paid $6,000 in rent on the store building for the month of June. f. Paid $3,000 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2013.g. Paid $120,000 on account for the merchandise purchased in transaction c. h. Collected $55,000 from customers on account. i. Paid shareholders a cash dividend of $5,000.j. Recorded depreciation expense of $2,000 for the month on the furniture and fixtures. k. Recorded the amount of prepaid insurance that expired for the month. Required:Prepare journal entries to record each of the transactions and events listed above. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
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The following transactions occurred during the month of June 2013 for the Stridewell Corporation. Th...
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