A private university received $2,640,000 from student tuition and fees for the year 20X6 summer session. The session began on May 16, 20X6, and ended on July 15, 20X6. The university's fiscal year end is June 30. According to the AICPA College and University Audit Guide, how should the university report the $2,640,000 of receipts in its financial statements for the year ended June 30, 20X6?
A. Current revenue of $1,980,000 and deferred revenue of $660,000.
B. Restricted current revenue of $2,640,000.
C. Deferred revenue of $2,640,000.
D. Current revenue of $2,640,000.
Answer: D
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