In June 2012, a City University of New York bills and collects $45 million in tuition for the summer semester that runs from June 1 through July 15. In addition, in May and June $120 million of the $300 million of the Fall Semester tuition was collected. The Fall semester runs from September 1 through December 15. In its statement of

revenues and expenses and balance sheet for its year ending June 30, 2012 , it should recognize as tuition revenue and unearned revenue respectively (Hint: FASB or GASB)

		$30 million, $135 million
		$45 million; $300 million
		$45 million; $165 million
		$165 million; $300 million