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On 6/26 Lockheed Martin sold $1,500,000 of product to a customer on account. On 8/31 Lockheed Martin received $1,500,000 cash payment from this customer. What
On 6/26 Lockheed Martin sold $1,500,000 of product to a customer on account. On 8/31 Lockheed Martin received $1,500,000 cash payment from this customer. What should Lockheed Martin record on 8/31? (Select ALL that apply)
Debit Accounts Receivable
Credit Accounts Receivable
Debit Cash
Credit Cash
Debit Deferred Revenue
Credit Deferred Revenue
Credit Revenue
Debit Revenue
Debit Accounts Payable
Credit Accounts Payable
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