1. Issued 55,000 shares of common stock in exchange for $275,000 cash. 2. Purchased office equipment at a cost of $53,750. $21,500 was paid in cash and a note payable was signed for the balance o 3. Purchased inventory on account at a cost of $110,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $187,000. The cost of the goods sold was $93,500. 5. Paid $2.250 in rent on the store building for the month of June. 6. Paid $1,320 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021. 7. Paid $79,475 on account for the merchandise purchased in 3. 8. Collected $37,400 from customers on account. 9. Paid shareholders a cash dividend of $2,750. 10. Recorded depreciation expense of $1,075 for the month on the office equipment. 11. 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 transaction/even select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No General Journal Credit Transaction 01 Debit 275,000 1 Cash Common stock