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The Following Data Applies to the Next Two Questions

Question 104

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The following data applies to the next two questions.
•Northern University has a fiscal year end of June 30.
•In June 2014, tuition and fees of $1,200,000 was assessed for the summer term that runs from June 1, 2014 through August 31, 2014. $1,200,000 was collected on June 1, 2014.
-When is this revenue reportable on the financial statements for Northern? The following data applies to the next two questions. •Northern University has a fiscal year end of June 30. •In June 2014, tuition and fees of $1,200,000 was assessed for the summer term that runs from June 1, 2014 through August 31, 2014. $1,200,000 was collected on June 1, 2014. -When is this revenue reportable on the financial statements for Northern?

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