Business, 15.07.2020 05:01, kitttimothy55

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 $5,500 in the company and receive common stock. Common Stock 5,500 Cash 5,500 2. Receive cash of $2,100 for services provided in the current period. Cash 2,100 Service Revenue 2,100 3. Purchase office supplies on account, $110. Supplies 110 Cash 110 4. Pay $410 for next month's rent. Rent Expense 410 Cash 410 5. Purchase office equipment with cash of $1,250. Cash 1,250 Equipment 1,250 Assess wether the junior accountant correctly proposes how to record each transaction. If incorrect provide the correction.

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Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employe...