Q1 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.