Metro Event Planning Services Collects Fees from Its Customers in Advance

question 74

Multiple Choice

Metro Event Planning Services collects fees from its customers in advance. On January 1, 2019, the balance of its Unearned Revenue account was $4,000 (CR) . During January and February, the company collected $2,000 and $600 as advance fees. During the two-month period, it performed services of $5,500 related to the deferred revenue. What is the balance in Unearned Revenue at the end of February?

• A) debit balance of $4,000
• B) credit balance of $4,000
• C) debit balance of $1,100
• D) credit balance of $1,100

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Definitions:

Silicate Minerals

These are minerals composed of silicate groups, which are silicons and oxygens combined in various ratios, forming the largest and most important class of rock-forming minerals.

Silicate Minerals

Minerals that contain silicon and oxygen, and possibly other elements, forming the largest and most important class of rock-forming minerals.

Earth's Crust

The outermost layer of Earth, comprising both continental and oceanic crust, and forming the solid surface of the planet.

Earth's Mantle

The thick layer of rock between the Earth's crust and core, making up about 84% of Earth's volume.