es Below are several transactions for Harington Corporation. A junior accountant, recently employed by the company, proposes to record 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. 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. Accounts Common Stock Cash Cash Service Revenue Supplies Cash Rent Expense Cash Cash Equipment Debit 6,000 2,200 120 420 1,300 Credit 6,000 2,200 120 420 1,300