Book erences Mc Graw Hill Below are several transactions for Harington Corporation. A junior accountant, recently employed by the company, proposes to the following transactions. External Transaction 1. Owners invest $6,000 in the company and receive common stock. 2. Receive cash of $2,200 for services provided in the current period. Cash 3. Purchase office Supplies on account, $120. 4. Pay $420 for next month's rent. 5. Purchase office equipment with cash of $1,300. 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 Common Stock Debit Credit 6,000 Cash 6,000 2,200 Service Revenue 2,200 Supplies Cash Rent Expense 120- 120 420 Cash Cash 420 1,300 Equipment 1,300 Required 1 Required 2 Assess whether the proposed entries are correct or incorrect. External Transaction. 1. 2 3. 4 5.