Required information [The following Information applies to the questions displayed below.) Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company proposes to record the following transactions. External Transaction Accounts Debit Credit 1. Pay cash dividends of $690 to stockholders Cash 690 Dividends 690 2. Provide services on account for customers. $2,300. Cash 2,300 Service Revenue 2,300 3. Pay a $390 utilities bill for the current period. Utilities Expense 390 Cash 4. Receive cash of $290 from previously billed customers. Cash 290 Service Revenue 290 5. Pay for supplies previously purchased on account, $1,090. Supplies Expense 1,090 Cash 1,090 390 Required: 1. Assess whether the proposed entries are correct or incorrect. External Transaction 1. 2 3 4 5 MacBook Pro