[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 $15,000 in the company and receive common stock.	Common Stock	15,000
		Cash		15,000
2.	Receive cash of $4,000 for services provided in the current period.	Cash	4,000
		Service Revenue		4,000
3.	Purchase office supplies on account, $300.	Supplies	300
		Cash		300
4.	Pay $600 for next month's rent.	Rent Expense	600
		Cash		600
5.	Purchase office equipment with cash of $2,200.	Cash	2,200
		Equipment		2,200

Required:

1. Assess whether the proposed entries are correct or incorrect.