The following transactions occurred during the month of June $2021$ for the Stridewell Corporation. The company owns and operates a retail shoe store.

Issued $120,000$ shares of common stock in exchange for $$600,000$ cash.

Purchased office equipment at a cost of $$98,750.$ $$39,500$ was paid in cash and a note payable was signed for the balance owed.

Purchased inventory on account at a cost of $$240,000.$ The company uses the perpetual inventory system.

Credit sales for the month totaled $$408,000.$ The cost of the goods sold was $$204,000.$

Paid $$5,250$ in rent on the store building for the month of June.

Paid $$2,760$ to an insurance company for fire and liability insurance for a one$-$year period beginning June $1,2021.$

Paid $$173,400$ on account for the merchandise purchased in $3.$

Collected $$81,600$ from customers on account.

Paid shareholders a cash dividend of $$6,000.$

Recorded depreciation expense of $$1,975$ for the month on the office equipment.

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$/$event$,$ select $"$No journal entry required" in the first account field.$)$