In May, Many Happy Returns, Inc. provided $$1,400$ of services of which $$1,000$ was collected and had expenses of $$800$ of which $$700$ was paid. Its net income equals

$$300$ using accrual accounting versus $$600$ using cash basis

$$600$ using accrual accounting versus $$300$ using cash basis

$$700$ using accrual accounting versus $$200$ using cash basis

$$200$ using accrual accounting versus $$700$ using cash basis