The Following Data Applies to the Next Two Questions

Multiple Choice

The following data applies to the next two questions.
•Northern University has a fiscal year end of June 30.
•In June 2015, tuition and fees of $1,200,000 was assessed for the summer term that runs from June 1, 2015 through August 31, 2015. $1,200,000 was collected on June 1, 2015.
-When is this revenue reportable on the financial statements for Northern?
2015 2016

A) $ 1,200,000 0
B) $ 0 1,200,000
C) $ 600,000 600,000
D) $ 400,000 800,000