Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, prop

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Below Are Several Transactions For Crimson Tide Corporation A Junior Accountant Recently Employed By The Company Prop 1 (55.51 KiB) Viewed 34 times

Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, propose record the following transactions Credit Debit 710 710 External Transaction 1. Pay cash dividends of $710 to stockholders. 2,500 2,500 410 Accounts Cash Dividends Cash Service Revenue Utilities Expense Cash Cash Service Revenue Supplies Expense Cash 410 2. Provide services on account for customers, $2,500. 3. Pay a $410 utilities bill for the current period. 4. Receive cash of $310 from previously billed customers. 5. Pay for supplies previously purchased on account, $1,110. 310 310 1,110 1,110 Required: 1. Assess whether the proposed entries are correct or incorrect. 2. Provide a correct entry for each of the transactions classified as incorrect. Com lete this question by entering your answers in the tabs below. Required 1 Required 2 Assess whether the proposed entries are correct or incorrect. External Transaction 1 2 3 4 5 Regulred Required 2 >