Emporia State University Operations And Supply Chain Management Assignment Help - ACCT304

Question - E 2%u20134: Journal entries
The following transactions occurred during the month of June 2013 for the Stridewell Corporation. The
company owns and operates a retail shoe store.
ï‚· 1. Issued 100,000 shares of common stock in exchange for $500,000 cash.
ï‚· 2. 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.
ï‚· 3. Purchased inventory on account at a cost of $200,000. The company uses the perpetual
inventory system.
ï‚· 4. Credit sales for the month totaled $280,000. The cost of the goods sold was $140,000.
ï‚· 5. Paid $6,000 in rent on the store building for the month of June.
ï‚· 6. Paid $3,000 to an insurance company for f ...Read More ire and liability insurance for a one-year period
beginning June 1, 2013.
ï‚· 7. Paid $120,000 on account for the merchandise purchased in 3.
ï‚· 8. Collected $55,000 from customers on account.
ï‚· 9. Paid shareholders a cash dividend of $5,000.
ï‚· 10. Recorded depreciation expense of $2,000 for the month on the furniture and fixtures.
ï‚· 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. ...Read Less

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