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:

Dr. Pepper Snapple Group

An American soft drink company that manufactures, markets, and distributes non-alcoholic beverages including Dr. Pepper, 7UP, and Snapple.

Country Time Lemonade

A popular brand of lemonade mix made by Kraft Foods, often associated with the iconic imagery of American summer.

Balancing

The process of ensuring stability or equilibrium in a system or situation.

Consumer Needs

Fundamental requirements that motivate individuals to make purchase decisions, such as food, shelter, and safety.