1 hued 130000 shares of common stock in exchange for $650.000 cath 3 Puchased inventory...
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1 hued 130000 shares of common stock in exchange for $650.000 cath 3 Puchased inventory on account at a cost of $260000. The company uses the perpetual imentoy spatem 4. Credit sales for the month totaled $442.000 The cost of the goods sold was $221000 5. Paid $5750 in rent on the store building for the month of June 6 Paid $3120 to an insurance company for fire and habaly insurance for a one-year persod beginning June 1,2024 7 Paid $887,850 on account for the inventory purchated in transaction 3 . a. Collected $88,400 from custorners on account 9 . Paid shareholiders a cash dividend of $5500. to fieceved cash of $2125 fiom cuntomers in advance of senvices to be provided Required: Prepare joumal entries to rocord each of the vannactions and events listed above Note: if no entry is required for a vrenaection/eveot, select "No joumal entry required" in the firut acceunt field
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