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

question 115

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 $3,000 (CR) .During January and February,the company collected $4,000 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 $3,000
• B)credit balance of $3,000
• C)debit balance of $2,100
• D)credit balance of $2,100

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Definitions:

Balance Theory

A theory in social psychology that suggests individuals strive for psychological consistency within their relationships, beliefs, and perceptions.

Triad

A group or set of three related people or things, often used in the context of relationships and social dynamics.

Sentiment Relation

The connection or association between emotions and attitudes towards a particular object, event, or situation, affecting perception and decisions.

Unit Relation

The connection or association between different units or elements within a system or structure.