Y VIURE [The following information applies to the questions displayed below.) Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. Credit External Transaction Pay cash dividends of $730 to stockholders. Accounts Cash Dividends Debit 730 1. 730 2. Provide services on account for customers, $2,700. 2,789 Cash Service Revenue 2,700 430 Pay a $430 utilities bill for the current period. Utilities Expense Cash 430 330 Receive cash of $338 from previously billed customers. Cash Service Revenue 330 1,139 5. Pay for supplies previously purchased on account, $1,13e. Supplies Expense Cash 1,130 Required: 1. Assess whether the proposed entries are correct or incorrect. External Transaction 1. 2. 3 4 5 (The following information applies to the questions displayed below.) Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions 1. January 1 Issue 10,000 shares of common stock in exchange for $30,000 in cash. 2. January 5 Purchase land for $18,000. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $7,800 cash. 4. January 12 Hire three employees for $1,500 per month. 5. January 18 Receive cash of $11,800 in rental fees for the current month. 6. January 23 Purchase office supplies for $1,800 on account. 7. January 31 Pay employees $5,400 for the first month's salaries. Required: 1. Record each transaction. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet