Question: Can't figure out whats wrong with #2 :( Required information [The following information applies to the questions displayed below. Below are several transactions for Scarlet

Can't figure out whats wrong with #2 :( Required information [The followinginformation applies to the questions displayed below. Below are several transactions forCan't figure out whats wrong with #2 :(

Required information [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. Credit External Transaction 1. Owners invest $11,500 in the company and receive common stock. Accounts Common Stock Cash Debit 11,500 11,500 2. Receive cash of $3,300 for services provided in the current period. Cash Service Revenue 3,300 3,300 3. Purchase office supplies on account, $230. 230 Supplies Cash 230 4. Pay $530 for next month's rent. 530 Rent Expense Cash 530 5. Purchase office equipment with cash of $1,850. 1,850 Cash Equipment 1,850 No General Journal Debit Credit Transaction 1 1 11,500 Cash Common Stock 11,500 2. 2 x 3,300 Cash Service Revenue X 3,300 3 3 3 230 Supplies Accounts Payable 230 4 4 530 Prepaid Rent Cash O 530 6 5 5 1,850 Equipment Cash 1,850

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