Cactus Company's annual accounting year ends on June 30. Assume it is now June 30 and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,000 on a special job that was completed June 29. Collection will be made during July; no entry has been recorded. Required: 1. Give the adjusting journal entry required for each transaction at June 30. 2. If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Cactus Company's net income would have been understated, or overstated, had the adjustments in requirement I not been made