Business, 05.03.2021 18:50 alyssagibson470

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 $12,500 in the company and receive common stock. Common Stock 12,500
Cash 12,500
2. Receive cash of $3,500 for services provided in the current period. Cash Service Revenue 3,500
3,000
3. Purchase office supplies on account, $250. Supplies 250
Cash 250

4. Pay $550 for next month's rent. Rent Expense 550
Cash 550

5. Purchase office equipment with cash of $1,950. Cash 1,950
Equipment 1,950

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

Answers: 2

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

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