Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions.

Required:
Assess whether the junior accountant correctly proposes how to record each transaction. If incorrect, provide the correction?

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External Transaction Debit 10,000 3,000 200 500 1,700 Accounts Credit 1. Ow ners invest $10,000 in the Common Stock company and receive common stock. 2. Receive cash of $3,000 for services Cash Supplies Rent Expense Cash Cash Service Revenue Cash Cash Equipment 10,000 3,000 200 500 1,700 provided in the current period. 3. Purchase office supplies on account, $200 4. Pay $500 for next month's rent. 5. Purchase office equipment with cash of $1,700