Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction 1. Pay cash dividends of $760 to stockholders. 2. Provide services on account for customers, $3,000. 3. Pay a $460 utilities bill for the current period. 4. Receive cash of $360 from previously billed customers. 5. Pay for supplies previously purchased on account, $1,160. 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. Accounts Debit Credit Cash 760 Dividends 760 Cash 3,000 Service Revenue 3,000 Utilities Expense 460 Cash 460 Cash 360 Service Revenue Supplies Expense Cash 360 1,160 1,160