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 1 Owners Invest $10.500 in the company and receive common stock. Accounts Common Stock Cash Debit 10,500 Credit 10,500 2. Receive cash of $3,100 for services provided in the current period. Cash Service Revenue 3,100 3,100 3. Purchase office supplies on account, $210. Supplies Cash 210 4. Pay $510 for next month's rent. Rent Expense Cash 510 5. Purchase office equipment with cash of $1750. Cash Equipment 1750 Required: 1. Assess whether the proposed entries are correct or incorrect. External Transaction 3. Purchase office supplies on account, $210. Cash 4. Pay $510 for next month's rent. Rent Expense Cash 5. Purchase office equipment with cash of $1,750. Cash Equipment Required: 1. Assess whether the proposed entries are correct or incorrect. External Transaction 2. 3. 4. 5