he following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a etail shoe store. 1. Issued 140,000 shares of common stock in exchange for $700.000 cash. 2. Purchased office equipment 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. S. Paid $3.360 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021. 7. Paid $202,300 on account for the merchandise purchased in 3. B. Collected $95.200 from customers on account. 9. Paid shareholders a cash dividend of $7.000. D. Recorded depreciation expense of $2.275 for the month on the office equipment. 1. Recorded the amount of prepaid insurance that expired for the month. required: repare journal entries to record each of the transactions and events listed above. (If no entry Is required for a transaction/event,
he following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a etail shoe store. 1. Issued 140,000 shares of common stock in exchange for $700.000 cash. 2. Purchased office equipment 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. S. Paid $3.360 to an insurance company for fire and liability insurance for a one-year period beginning June 1, 2021. 7. Paid $202,300 on account for the merchandise purchased in 3. B. Collected $95.200 from customers on account. 9. Paid shareholders a cash dividend of $7.000. D. Recorded depreciation expense of $2.275 for the month on the office equipment. 1. Recorded the amount of prepaid insurance that expired for the month. required: repare journal entries to record each of the transactions and events listed above. (If no entry Is required for a transaction/event,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please journalise all transactions that is needed thnx
Transcribed Image Text: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 140,000 shares of common stock in exchange for $700.000 cash.
2. Purchased office equipment 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, 2021.
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 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 requlred for a transactlon/event,
select "No journal entry requlred" In the first account fleld.)
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