Answer Happy

B Below are several transactions for Crimson Tide Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction Accounta Debit Credit 1. Pay cash dividends of $710 to stockholders. Canh 710 Dividends 710 2. Provide services on account for customera, $2,500. Cash 2,500 Service Revenue 2,500 3. Pay a $410 utilities bill for the current period. Utilities Expense 410 Cash 410 4. Receive cash of $310 from previously billed customers. Cash 310 Service Revenue 5. Pay for supplies previously purchased on account, $1,110. Supplies Expense 1,110 Cash 1,110 310 Required: 1. Assess whether the proposed entries are correct or incorrect. 2. 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. External Transaction 1. 2 3 5. Required 1 Required 2 >