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

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

2. 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.

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

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

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

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

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

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

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

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

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.)