The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. Issued 125,000 shares of common stock in exchange for $625,000 cash. Purchased office equipment at a cost of $102,500. $41,000 was paid in cash and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $250,000. The company uses the perpetual inventory system. Credit sales for the month totaled $425,000. The cost of the goods sold was $212,500. Paid $5,500 in rent on the store building for the month of June. Paid $2,880 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021. Paid $180,625 on account for the merchandise purchased in 3. Collected $85,000 from customers on account. Paid shareholders a cash dividend of $6,250. Recorded depreciation expense of $2,050 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.)