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What is melody net income for may

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Question - Melody's Piano School operations for the month of May were limited to the following transactions:

Provided $1,300 of piano lessons to students who paid in cash.

Provided $1,020 of piano lessons on account.

Collected $765 from students who took piano lessons during April.

Paid April's piano rental bill of $575.

Received May's piano rental bill of $625 and set it aside for payment in June.

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

Reference no: EM132050327

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