Required information Exercise 2-12A Correct recorded transactions (LO2-4) [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. External Transaction 1. Owners invest $9,500 in the company and receive common stock. Accounts Common Stock Cash Debit Credit 9,500 9,500 2. Receive cash of $2,900 for services provided in the current period. Cash 2,900 Service Revenue 2,900 3. Purchase office supplies on account, $190. 4. Pay $490 for next month's rent, 5. Purchase office equipment with cash of $1,650. Supplies 190 Cash 190 Rent Expense 490 Cash 498 Cash 1,650 Equipment 1,650 Chec 4 nts Skipped BOOK Exercise 2-12A Part 1 Required: 1. Assess whether the proposed entries are correct or incorrect. External Transaction 2 References 3 4 6