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On June 20, 2015, a student sent a $200 deposit to University College London (UCL) to make sure he will have a place in the

On June 20, 2015, a student sent a $200 deposit to University College London (UCL) to make sure he will have a place in the college for the year starting Fall 2015. The UCL has a fiscal year (financial year) ending June 30. The student enrolled at UCL on August 15, 2015. When should UCL recognize the $200 as revenue received from the student? What is the point of sale? Explain why?

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