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 145,000 shares of common stock in exchange for $725,000 cash. 2. Purchased office equipment 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. Credit sales for the month totaled $493,000. 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, 2021. 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 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.) 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.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ... 12 Issued 145,000 shares of common stock in exchange for $725,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 Record entry Clear entry View general journal View transaction list 1 Issued 145,000 shares of common stock in exchange for $725,000 cash. 2 Purchased office equipment 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 Credit sales for the month totaled $493,000. 5 The cost of the goods was $246,500. 6 Paid $6,750 in rent on the store building for the month of Note : = journal entry has been entered View transaction list 7 Paid $3,480 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021. 8 Paid $209,525 on account for the merchandise purchased in 3. 9 Collected $98,600 from customers on account. 10 Paid shareholders a cash dividend of $7,250. 11 Recorded depreciation expense of $2,350 for the month on the office equipment. 12 Recorded the amount of prepaid insurance that expired for the month. Note : = journal entry has been entered