Below are several transactions for Clarke Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction 1. Owners invest $5,500 in the company and receive common stock. Accounts Common Stock Debit Credit 5,500 Cash 5,500 2. Receive cash of $2,100 for services provided in the current period. Cash 2,100 Service Revenue 2,100 3. Purchase office supplies on account, $110. 4. Pay $410 for next month's rent. 5. Purchase office equipment with cash of $1,250. Required: 1. Assess whether the proposed entries are correct or incorrect. 2. Provide a correct entry for each of the transactions classified as incorrect. Supplies Cash 110 110 Rent Expense 410 Cash 410 Cash 1,250 Equipment 1,250 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assess whether the proposed entries are correct or incorrect. External Transaction 1. Incorrect 2. Correct 3. Incorrect 4. Incorrect 5. Incorrect < Required 1 Required 2 >