The following transactions occurred during the month of june 2013 for the stridewell corporation. the company owns and operates a retail shoe store.
a. issued 100,000 shares of common stock in exchange for $500,000 cash.
b.
purchased furniture and fixtures at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed.
c.
purchased inventory on account at a cost of $200,000. the company uses the perpetual inventory system.
d. credit sales for the month totaled $280,000. the cost of the goods sold was $140,000.
e. paid $6,000 in rent on the store building for the month of june.
f.
paid $3,000 to an insurance company for fire and liability insurance for a one-year period beginning june 1, 2013.
g. paid $120,000 on account for the merchandise purchased in transaction c.
h. collected $55,000 from customers on account.
i. paid shareholders a cash dividend of $5,000.
j. recorded depreciation expense of $2,000 for the month on the furniture and fixtures.
k. 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 particular transaction, select "no journal entry required" in the first account field.)