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1)Metro Event Planning Services collects fees from its customers in...

1)Metro Event Planning Services collects fees from its customers in advance. On January 1, 2019, the balance of its unearned revenue account was $5,000 (credit. During January and February, the company collected $2,000 and $700 as advance fees, respectively. During the two-month period, it performed services of $4,500 related to the deferred revenue. What is the balance in unearned revenue at the end of February?


A)Debit balance of $5,000

B)Credit balance of $5,000

C)Debit balance of $3,200

D)Credit balance of $3,200


2)If a company is using accrual basis accounting, when should it record revenue?


A)When cash is received, even though services may be performed at a later date

B)When services are performed, even though cash may be received at a later date

C)Before services are performed

D)When cash is received, 30 days after the completion of the services

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