Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

please help all the ten transactions The following transactions occurred during the month of June 2024 for the Stridewell Corporation. The company owns and operates

please help all the ten transactions
image text in transcribed
The following transactions occurred during the month of June 2024 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. Cash of $40,000 was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at 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 $6,000 in rent on the store building for the month of June. 6. Paid $3,000 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2024. 7. Paid $120,000 on account for the inventory purchased in transaction 3. 8. Collected $55,000 from customers on account. 9. Paid shareholders a cash dividend of $5,000. 10. Received cash of $2,000 from customers in advance of services to be provided. Required: Prepare journal entries to record each of the transactions and events listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What was the positive value of Max Weber's model of "bureaucracy?"

Answered: 1 week ago