Six Months Three Months Multiple Choice Accountin
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?
Debit balance of $5,000
Credit balance of $5,000
Debit balance of $3,200
Credit balance of $3,200