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 145,000 shares of common stock in exchange for $725,000 cash.

2. Purchased furniture and fixtures at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed.

3. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system.

4. (a) Credit sales for the month totaled $493,000. (b) The cost of the goods sold was $246,500.

5. Paid $6,750 in rent on the store building for the month of June.

6. Paid $3,480 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2018.

7. Paid $209,525 on account for the merchandise purchased in 3.

8. Collected $98,600 from customers on account.

9. Paid shareholders a cash dividend of $7,250.

10. Recorded depreciation expense of $2,350 for the month on the furniture and fixtures.

11. 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.)