Exercise $2-4($Static$)$ Journal entries $[$LO$2-3]$ The following transactions occurred during the month of June $2024$ for the Stridewell Corporation. The company owns and operates a retail shoe store. Issued $100,000$ shares of common stock in exchange for $$500,000$ cash. Purchased office equipment at a cost of $$100,000.$ Cash of $$40,000$ was paid and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $$200,000.$ The company uses the perpetual inventory system. Credit sales for the month totaled $$280,000.$ The cost of the goods sold was $$140,000.$ Paid $$6,000$ in rent on the store building for the month of June. Paid $$3,000$ to an insurance company for fire and liability insurance for a one$-$year period beginning June $1,2024.$ Paid $$120,000$ on account for the inventory purchased in transaction $3.$ Collected $$55,000$ from customers on account. Paid shareholders a cash dividend of $$5,000.$ Received cash of $$2,000$ 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.