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 $7,000 in the company and receive common stock. 2. Receive cash of $2,400 for services provided in the current period. Cash 3. Purchase office supplies on account, $140. 4. Pay $440 for next month's rent. 5. Purchase office equipment with cash of $1,400. Required: 1. Assess whether the proposed entries are correct or incorrect. 2. Provide a correct entry for each of the transactions classified as incorrect. 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. 2. 3. 4. 5. Required 1 Required 2 > Accounts Common Stock Debit Credit 7,000 Cash 7,000 2,400 Service Revenue Supplies Cash Rent Expense Cash Cash 2,400 140 140 440 440 1,400 Equipment 1,400