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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 should Lockheed Martin record on 8/31? (Select ALL that apply Debit Accounts Receivable Credit Accounts Receivable Debit Cash Credit Cash Debt Deferred Revenue e Credit Deferred Revenue Credit Revenue Debit Revenue Debit Accounts Payable Credit Accounts Payable On 11/1, Jeff's Exterminating Service receives $24,000 from a customer in advance to provide exterminating services over the next 12 months. What account would Jeff's Exterminating Service debit and what account would be credited in the journal entry required on 11/1? (Select ALL that apply) Debit Service Revenue Credit Service Revenue Debit Cash Credit Cash Debit Deferred (Uneared) Revenue Credit Deferred (Unearned) Revenue Debit Accounts Payable Credit Accounts Payable Credit Accounts Receivable Debit Accounts Receivable If the controller for BreakuFix does not record the required adjusting journal entry to recognize the depreciation expense in the amount of $10,000 at the end of the accounting period as required, the balance sheet would be incorrect in which of the following ways (Select ALL that apply): Hint: . 1. Overstated = major category (ie. Assets, Liabilities, or Stockholders' Equity) is higher than it should be because the adjusting journal entry was not recorded . 2. Understated major category (ie. Assets, Liabilities, or Stockholders' Equity) is lower than it should be because the adjusting journal entry was not recorded Assets would be overstated Assets would be understated Liabilities would be understated Liabilities would be overstated Stockholders' Equity would be understated Stockholders' Equity would be overstated