retall shoe store 1 Issued 95 000 shares of common stock in exchange for 475 000 cash 2 Purchased office equipment at a cost of

Question

retall shoe store 1 Issued 95 000 shares of common stock in exchange for 475 000 cash 2 Purchased office equipment at a cost of 83 750 Cash of 33 500 was paid and a note payable was signed for the balance owed 3 Purchased Inventory on account at a cost of 190 000 The company uses the perpetual Inventory system 4 Credit sales for the month totaled 323 000 The cost of the goods sold was 161 500 5 Paid 4 250 in rent on the store building for the month of June 6 Paid 2 280 to an Insurance company for fire and liability Insurance for a one year period beginning June 1 2024 7 Pald 137 275 on account for the inventory purchased in transaction 3 8 Collected 64 600 from customers on account 9 Pald shareholders a cash dividend of 4 750 10 Received cash of 1 675 from customers in advance of services to be provided Required Prepare journal entries to record each of the transactions and events listed above Note If no entry is required for a transaction event select No journal entry required in the first account field View transaction list View journal entry workshoot Transaction 01 i No 1 Cash Common stock Office equipment General Journal Debit 475 000 83 750 Credit 475 000

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