Paramount Event Planning Services Collects Fees from Its Customers in Advance.On

question 55

Multiple Choice

Paramount Event Planning Services collects fees from its customers in advance.On January 1,2017,the balance of its Unearned Revenue account was $6,000 (CR) .During January and February,the company collected $3,000 and $800 as advance fees.During the two-month period,it performed services of $7,500 related to the deferred revenue.What is the balance in Unearned Revenue at the end of February?

• A)debit balance of $6,000
• B)credit balance of $6,000
• C)debit balance of $2,300
• D)credit balance of $2,300

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Definitions:

Derived Demand

The demand for a product or service that arises from the demand for another product or service, such as the demand for steel being derived from the demand for automobiles.

Dynamically Continuous Innovations

Innovations that represent a moderate change to an existing product that requires a slight change in consumer behavior.

Discontinuous Innovations

Innovations that create a significant change in consumer behavior or revolutionize the way a market functions, often by introducing a completely new product or service.

Continuous Innovations

Ongoing, incremental improvements and updates to products or services, intended to maintain competitiveness and address evolving customer needs.