The following Information appliles to the questions displayed below Below are several transactions for Scarlet Knight Corporation. A junlor accountant, recently employed by the company, proposes to record the following transactions. External Transaction 1. Owners invest $13,000 in the company and receive common stock. Accounts Debit Credit Common Stock 13,000 Cash 13,000 2. Receive cash of $3,600 for services provided in the current period. Cash 3,600 Service Revenue 3,600 3. Purchase office supplies on account, $260. Supplies 260 Cash 260 4. Pay $560 for next month's rent. Rent Expense 560 Cash 560 5. Purchase office equipment with cash of $2,000. Cash 2,000 Equipment 2,000 value: 15.00 points Required 1. Assess whether the proposed entries are correct or incorrect. nal Transaction 2. 4