E 2-4 Journal entries LO2-20 The following transactions occurred during the month of June 2018 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 100,000 shares of common stock in exchange for $500,000 cash. 2. Purchased office equipment at a cost of $100,000. $40.000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on accoundat a cost of $200,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $280.000. The cost of the goods sold was $140,000. 5. Paid S6.000 in rent on the store building for the month of June an insurance company for fire and liability insurance for a one-year period beginning June 1, 2018. 7. Paid $120,000 on account for the merchandise purchased in 3, 8. Collected $55,000 from customers on account 9. Paid shareholders a cash dividend of S5.000. 10 Recorded depreciation expense of $2.000 for the month on the office equipment. 11. Recorded the amount of prepaid insurance that expired for the month