A University has a fiscal year that ends on June 30, 2018. The summer session runs from June 9 through July 30. Total tuition paid by students for the summer session amounted to $150,000.

a. How much revenue should be reflected in the year ended June 30, 2018.

b. What if the university had a tuition refund policy that no tuition would be refunded after the end of the 3^rdsession of classes. How would that affect the calculation. Explain.