Required information [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 $14,000 in the company and receive common stock. Accounts Common Stock Cash Debit 14,000 14,000 2. Receive cash of $3,800 for services provided in the current period. 3,800 Cash Service Revenue 3,800 3. Purchase office supplies on account, $280. 280 Supplies 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 1. 2. 3. 4. 5