Operations for the month of may were limited to the, Financial Management

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Operations for the month of may were limited to the

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Operations for the month of May were limited to the following transactions:

• Provided $950 of piano lessons to students who paid in cash.

• Provided $740 of piano lessons on account.

• Collected $555 from students who took piano lessons during April.

• Paid April’s piano rental bill of $400.

• Received May’s piano rental bill of $450 and set it aside for payment in June.

What is Melody's Net Income for May using the accrual basis of accounting?

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