Accounting Process tvThe following transactions occurred during the month of June $2024$ for the Stridewell Corporation. The company owns and operates a retail shoe store.Issued $70,000$ shares of common stock in exchange for $$350,000$ cash.Purchased office equipment at a cost of $$65,000.$ Cash of $$26,000$ was paid and a note payable was signed for the balance owed.Purchased inventory on account at a cost of $$140,000.$ The company uses the perpetual inventory system.Credit sales for the month totaled $$238,000.$ The cost of the goods sold was $$119,000.$Paid $$3,000$ in rent on the store building for June.Paid $$1,680$ to an insurance company for fire and liability insurance for a one$-$year periodbeginning June $1,2024.$Paid $$101,150$ on account for the inventory purchased in transaction $3.$Collected $$47,600$ from customers on account.Paid shareholders a cash dividend of $$3,500.$Received cash of $$1,300$ from customers in advance of services to be provided.Required:Record each transaction in the financial statement effects template.