Below are several transactions for a company. A junior accountant, recently employed by the company, proposes to record the following transactions.External Transaction$1.$ Pay cash dividends of $$720$ to stockholders$\mathrm{.}2.$ Provide services on account for customers, $$2,600\mathrm{.}3.$ Pay a $$420$ utilities bill for the current period$\mathrm{.}4.$ Receive cash of $$320$ from previously billed customers$\mathrm{.}5.$ Pay for supplies previously purchased on account, $$1,120.$AccountsCashDividendsCashService RevenueUtilities ExpenseCashCashService RevenueSupplies ExpenseCashRequired:$1.$ Assess whether the proposed entries are correct or incorrect$\mathrm{.}2.$ Provide a correct entry for each of the transactions classified as incorrect.Debit$720$Credit$7202,6004202,6004203203201,1201,120$Complete this question by entering your answers in the tabs below.Required $1$Required $2$Assess whether the proposed entries are correct or incorrect.ExternalTransaction$1\mathrm{.}2\mathrm{.}3\mathrm{.}4\mathrm{.}5.$