c. $34,000 Od. $48,000 Oe. None of the above.. QUESTION 7 The following are the operational transactions related to Melody's Piano School for the month of May: Provided $1,200 of piano lessons to students who paid in cash. Provided $940 of piano lessons on account. Collected $705 from students who took piano lessons during April. Paid April's piano rental bill of $525. Received May's piano rental bill of $575 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May? a. $2,170 Ob. $705 Oc. $1,380 Od. $1,565 Oe. None of the above. QUESTION 8 Which of the following would not be recorded as an accounting transaction? ing cunnline tn he delivered next month