Problem #$5-$ Part A

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

Owners invest $$10,000$ in the company and receive common stock.

Receive cash of $$3,000$ for services provided in the current period.

Purchase office supplies on account, $$200.$

Pay $$500$ for next month's rent.

Purchase office equipment with cash of $$1,700.$

Paid $$500$ in cash dividends.

Assess whether the following journal entries are correct.

$\backslash$table$[[$Correct or Incorrect?,Accounts,Debit,Credit$],[$#$1,\backslash$table$[[$Common Stock$],[$Cash$]],10,000,10,000],[$#$2,\backslash$table$[[$Cash$],[$Service Revenue$]],3,000,3,000],[$#$3,\backslash$table$[[$Supplies$],[$Cash$]],200,200],[$#$4,\backslash$table$[[$Rent Expense$],[$Cash$]],500,500],[$#$5,\backslash$table$[[$Cash$],[$Equipment$]],1,700,1,700],[$#$6,\backslash$table$[[$Cash$],[$Dividends$]],500,500]]$

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