Required Information [The following information applies to the questions displayed below) Credit Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions External Transaction Accounts Debit 1 Owners invest $14,000 in the company and receive common stock. Common Stock 14,000 Cash 14,000 2 Receive cash of $3,800 for services provided in the current period. Cash 3.800 Service Revenue 3,800 3. Purchase office supplies on account, $280. Supplies 280 Cash 280 4. Pay $580 for next month's rent 580 Rent Expense Cash 580 5. Purchase office equipment with cash of $2,100. 2.100 Cash Equipment 2.100 Required: 1. Assess whether the proposed entries are correct or incorrect External Transaction 3. Purchase office supplies on account, $280 Supplies Cash 280 280 4. Pay $580 for next month's rent Rent Expense Cash 580 580 5. Purchase office equipment with cash of $2.100 2,100 Cash Equipment 2,100 Required: 1. Assess whether the proposed entries are correct or incorrect External Transaction 1. 2 3 4 5