Exercise $2-13($Algo$)$ Correct recorded transactions $($LO$2-4)$

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

$\backslash$table$[[$External Transaction,Accounts,Debit,Credit$],[1.$ Pay cash dividends of $$720$ to stockholders.,$\backslash$table$[[$Cash$],[$Dividends$]],720,720],[2.$ Provide services on account for customers, $$2,600.,\backslash$table$[[$Cash$],[$Service Revenue$]],2,600,2,600],[3.$ Pay a $$420$ utilities bill for the current period.,$\backslash$table$[[$Utilities Expense$],[$Cash$]],420,420],[4.$ Receive cash of $$320$ from previously billed customers.,$\backslash$table$[[$Cash$],[$Service Revenue$]],320,320],[5.$ Pay for supplies previously purchased on account, $$1,120.,\backslash$table$[[$Supplies Expense$],[$Cash$]],1,120,1,120]]$

Required:

Assess whether the proposed entries are correct or incorrect.

Provide a correct entry for each of the transactions classified as incorrect.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Assess whether the proposed entries are correct or incorrect.

$\backslash$table$[[\backslash$table$[[$External$],[$Transaction$]],],[1.,],[2.,],[3.,],[4.,],[5.,]]$