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. External Transaction Accounts Debit Credit 1. Owners invest $11,500 in the company and receive common stock. Common Stock 11,500 Cash 11,500 2. Receive cash of $3,300 for services provided in the current period. Cash 3,300 Service Revenue 3,300 3. Purchase office supplies on account, $230, Supplies 230 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