Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions Credit External Transaction 1. Owners invest $8,000 in the company and receive common stock. Accounts Debit Common Stock 8,000 Cash 8,000 2. Receive cash of $2,600 for services provided in the current period. Cash 2,600 Service Revenue 2,600 3. Purchase office supplies on account, $160. Supplies 160 Cash 160 4. Pay $460 for next month's rent. Rent Expense 460 Cash 460 5. Purchase office equipment with cash of $1,500. Cash 1,500 Equipment 1,500 value: 5.00 points Required 1. Assess whether the proposed entries are correct or incorrect. External Transaction 4 5