Number 2: All 5 questions have the option to choose between incorrect or correct

[The following information applies to the questions displayed below.] 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 $11,500 in the company and receive common stock. Accounts Common Stock Cash Debit 11,500 11,500 2. Receive cash of $3,300 for services provided in the current period. 3,300 Cash Service Revenue 3,300 3. Purchase office supplies on account, $230. 230 Supplies Cash 230 4. Pay $530 for next month's rent. 530 Rent Expense Cash 530 5. Purchase office equipment with cash of $1,850. 1,850 Cash Equipment 1,850 Required: 1. Assess whether the proposed entries are correct or incorrect. External Transaction 1. 2. 3. 4. 5. Correct Incorrect