3. Smith Company received a deposit for work in advance for $3,000 in May. a. Record the transaction for this deposit received in May. Assets Liabilities Equity b. During the month of June, some work was completed and $700 can now be recorded as revenue. What adjustment should be recorded to the accounting equation to properly state the accounts at June 302 Assets Liabilities Equity C. If the above adjustment is not recorded at the end of the month, June revenue will be liabilities will be and net income will be (indicate understated or overstated for all three)