69) A company receives a $50,000 cash deposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true? A) The company records service revenue on October 15. B) The company records cash collection on November 20. C) The company records nothing on October 15. D) The company records deferred revenue on October 15. 70) For a journal entry with only two lines, the following entry is valid: Increase in one Owners' Equity, Decrease in a second Owners' Equity. A) False B) True 71) ABC estimates uncollectible accounts based on the percentage of accounts receivable. What effect will recording the estimate of uncollectible accounts have on the accounting equation? A) Increase liabilities and decrease stockholders' equity. B) Decrease assets and decrease liabilities. C) Decrease assets and decrease stockholders' equity. D) Increase assets and decrease stockholders' equity. 72) For a journal entry with only two lines, the following entry is valid: Increase in one Liability, Decrease in a second second liability. A) True B) False