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 $5,000B)Credit balance of $5,000C)Debit balance of $3,200D)Credit balance of $3,2002)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 dateB)When services are performed, even though cash may be received at a later dateC)Before services are performedD)When cash is received, 30 days after the completion of the services
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