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 140,000 shares of common stock in exchange for $700,000 cash.

2.Purchased furniture and fixtures at a cost of $113,750. $45,500 was paid in cash and a note payable was signed for the balance owed.

3.Purchased inventory on account at a cost of $280,000. The company uses the perpetual inventory system.

4.Credit sales for the month totaled $476,000. The cost of the goods sold was $238,000.

5.Paid $6,500 in rent on the store building for the month of June.

6.Paid $3,360 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2018.

7.Paid $202,300 on account for the merchandise purchased in 3.

8.Collected $95,200 from customers on account.

9.Paid shareholders a cash dividend of $7,000.

10.Recorded depreciation expense of $2,275 for the month on the furniture and fixtures.

11.Recorded the amount of prepaid insurance that expired for the month.